(1) The defence of failure to pursue remedies is excluded:
1. if the surety waives the defence, in particular if the surety has assumed suretyship as principal debtor,
2. if the pursuit of rights against the principal debtor is made considerably more difficult due to a change of residence, of commercial establishment or of place of abode occurring after assumption of suretyship,
3. if insolvency proceedings have been opened regarding the assets of the principal debtor,
4. if it is to be assumed that compulsory enforcement against the assets of the principal debtor will not result in satisfaction of the creditor’s claim.
(2) In the cases governed by nos. 3 and 4, the defence is admissible to the extent that the creditor may satisfy their claim out of a movable thing of the principal debtor over which they have a security right or regarding which they have a right of retention; the provisions of section 772 (2) sentence 2 apply.