If any such surety, other than bail, or his committee, heir or personal representative, confess judgment, or suffer judgment to go against him by default, without giving notice to his principal, if he be a resident of the Commonwealth, or his committee or personal representative, to defend the suit, and after such principal offers to defend the suit, and tenders counter security, approved by the court in which the suit is pending, the principal, or his committee, heirs or representative, may have the benefit of every defense against the motion or suit of such surety, or his committee, representative or heirs, against him that he might have had against the creditor.