Which of the following is true about both sureties and guarantors?
A) The arrangement is one in which the surety or guarantor agrees to pay the debt of another party, under certain circumstances.
B) The surety or guarantor becomes secondarily liable on the debt.
C) The obligation arises only if the debt cannot be collected from the primary debtor.
D) The bankruptcy of the primary debtor will release both the primary debtor and the surety or guarantor from the debt.
E) The defense of the debtor's incapacity may be asserted.
Correct Answer:
Verified
Q113: Which of the following is/are a prejudgment
Q114: Which of the following is true about
Q115: Which security interests are perfected at the
Q116: Which of the following is/are a post-judgment
Q117: Which of the following has to do
Q119: Which of the following is true?
A) The
Q120: Which of the following is true about
Q121: If a debtor has a defense to
Q122: Guarantors:
A) are secondarily liable, and their agreement
Q123: Pat went to Eighth National Bank in
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