In order for a surety to be liable,the principal does not have to be in default on the debt,and the creditor does not have to have exhausted all its remedies against the principal debtor before seeking payment from the surety.
Correct Answer:
Verified
Q72: To obtain a writ of attachment,a creditor
Q73: Sometimes,a creditor refuses to extend credit to
Q74: In a strict surety arrangement,the surety assumes
Q75: A person who acts as a surety
Q76: Buyers in the ordinary course of business
Q78: Execution is a pre-judgment court order that
Q79: The terms "accommodation party" and "cosigner" are
Q80: If the collateral is something other than
Q81: A floating lien can attach to which
Q82: _ means that the creditor has an
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents