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The creditor's rights against the principal debtor are determined by the contract between them.
Creditor's Rights
Legal rights granted to creditors to collect debts owed to them, including the right to sue for non-payment or to reclaim property sold on credit.
Principal Debtor
The principal debtor is the original borrower responsible for repaying a debt or obligation in a financing agreement.
Contract
A contract that is enforceable by law, made between two or more entities, detailing their responsibilities and entitlements.
- Identify the distinct duties and commitments of a principal debtor, surety, and creditor in the framework of guarantee arrangements.
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Learning Objectives
- Identify the distinct duties and commitments of a principal debtor, surety, and creditor in the framework of guarantee arrangements.
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