Tina cosigns a promissory note at Globe Bank for $500 for her friend Tom.Tom defaults on the loan,and Globe Bank collects $500 from Tina.Tina then collects $500 from Tom.Tina could collect money from Tom because of her right of ________.

Question

Quizplus · Accepted Answer

If the surety performs or pays the principal's obligation,she is entitled to recover her costs from the principal;this is known as the surety's right to reimbursement.

Tina Cosigns a Promissory Note at Globe Bank for $500