Tina cosigns a promissory note at Globe Bank for $500.00 for her friend Tom. Tom defaults on the loan, and Globe Bank collects $500.00 from Tina. Tina then collects $500.00 from Tom. Tina could collect money from Tom because of her right of _____.

Question

Quizplus · Accepted Answer

Tina has the right of reimbursement, which allows her to recover the amount she paid on behalf of Tom from Tom himself.

Tina Cosigns a Promissory Note at Globe Bank for $500