Asked by
Kayla Turrentine
on Nov 30, 2024
Verified
Upon the surety's payment of the principal debtor's entire obligation, the surety gets no rights.
Surety
A financial guarantee by one party (the surety) to assume responsibility for the debt obligation of a borrower if that borrower defaults.
Principal Debtor
The primary individual or entity responsible for fulfilling the obligations of a debt or loan agreement.
- Delineate the differing roles and liabilities of a principal debtor, surety, and creditor concerning guarantee arrangements.
Verified Answer
RI
Learning Objectives
- Delineate the differing roles and liabilities of a principal debtor, surety, and creditor concerning guarantee arrangements.
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