And here, in the first place, he saves them from the guilt of sin. — By the guilt of sin, is meant an obligation to suffer eternal punishment on account of sin. They whom Christ undertook to save were, on account of their breach of covenant in the first Adam, and of their other innumerable transgressions of the Divine law, condemned as well as the rest of mankind, to endure such tremendous wrath, both in soul and body, as would have rendered them inexpressibly miserable. While, therefore, they continue under the law as a covenant of works, they are necessarily under this dreadful sentence; and were they to die in that state, it would be executed upon them to the uttermost, through the revolving ages of eternity.
"But since they were not appointed to wrath, but to obtain salvation by the Lord Jesus Christ, he comes in the day of regenerating power, and having united them to his person [legal/federal], admits them to actual communion [mystical/experiential] with himself, in his infinitely precious atonement [notice the logical order]. No sooner is this atonement actually imputed to them, than they are legally absolved from condemnation [notice the logical oder - imputation then justification], according to this Divine promise, "I will forgive their iniquity, and I will remember their sin no more," Jer. xxxi. 34.
"They are then delivered from the guilt of sin, or from their obligation to endure punishment on account of sin, and have sufficient security afforded them, that though they may often incur the guilt of fatherly displeasure, they shall never enter into condemnation, or fall under the guilt of eternal wrath.
- John Colquhoun. Sermon XIV, Salvation from Sin.
(Bracketed comments and emphasis added)