An arrangement in which a third party promises to be primarily liable with the borrower for the payment of the borrower's debt is referred to as a(n) ________.

Question

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A surety arrangement involves a third party (the surety) who agrees to be primarily liable with the borrower for the payment of the borrower's debt, meaning the creditor can demand payment from the surety without first having to seek payment from the borrower.

An Arrangement in Which a Third Party Promises to Be