Chris wanted to get a loan from the bank,but he had bad credit.In order to get the money,he convinced Eric to cosign as a surety.Now Chris has stopped making the payments.When is Eric liable for repayment of the loan?
A) At any point.
B) When Chris stopped making payments.
C) Only after the bank attempts to recover the full amount from Chris.
D) Never, because Eric was not the one actually using the money.
Correct Answer:
Verified
Q44: The reorganization plan is unique to what
Q45: Under Article 9 of the UCC,which of
Q46: A petition for bankruptcy that is filed
Q47: Which of the following is not a
Q48: The _ is the standard an individual
Q50: Which of the following unsecured creditors has
Q51: The only legal remedy for _ is
Q52: In In re Jones,Jones graduated from college
Q53: Which of the following is not a
Q54: What is the main difference between Chapters
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