(1) Where under a covenant persons are -
(a) covenantors, the covenant binds them and any two or more of them jointly and each of them severally,
(b) covenantees, the covenant shall be construed as being also made with each of them.
(2) A covenant made with persons jointly to convey, pay money or do any other act to them or for their benefit, implies an obligation to do the act to, or for the benefit of -
(a) the survivor or survivors of them, or
(b) any other person on whom the right to sue on the covenant devolves.
(3) This section takes effect subject to the terms of the covenant or conveyance in which it is contained or implied or of any statutory provision implying the covenant.
(4) In this section "covenant" includes an express or implied covenant and a bond or obligation contained in a deed.