Which of the following is true about a surety's liability to pay in a surety arrangement?
A) The surety is secondarily liable for payment.
B) The surety is primarily liable for payment.
C) The principal debtor must be in default before the surety can be approached.
D) The surety can only be approached as a last resort to the creditor.

Question

Quizplus · Accepted Answer

In a surety arrangement, the surety is primarily liable for payment, meaning they can be approached for payment without the creditor first exhausting remedies against the principal debtor.

Which of the Following Is True About a Surety's Liability