Chelsea and Autumn are principals to ABC Industries. ABC Industries needed a loan but could not pledge collateral. Therefore, Chelsea and Autumn gave a personal guaranty for the loan. Which statement below is correct?
A) Chelsea and Autumn have pledged their personal assets.
B) Chelsea and Autumn have pledged only their interest in ABC Industires.
C) Chelsea and Autumn have no personal liability.
D) Chelsea and Autumn a secured debtors.
Correct Answer:
Verified
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