George has signed a promissory note and Huber, Nick and Jeffery are cosureties of their friend George. When George defaults, Jeffery pays the whole obligation. Jeffery is entitled to collect one third from both Nick and Huber. This is known as the:

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The right of contribution allows a co-surety who has paid more than their share of the obligation to collect from the other co-sureties their proportionate shares of the amount paid. In this case, Jeffery paid the entire obligation, so he is entitled to collect one third from both Nick and Huber through the right of contribution. The right of exoneration is when the debtor is ultimately responsible for repaying the obligation, regardless of any contributions made by the co-sureties. The right of redemption allows the debtor to pay off the obligation and regain ownership of the collateral. The right of collection is not a common legal term in this context.

George Has Signed a Promissory Note and Huber, Nick and Jeffery