Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
6 Cards in this Set
- Front
- Back
|
Surety |
One who is liable for debts or obligations of another |
|
|
Surety vs Guarantor |
Surety - directly liable Guarantor - liable only if debtor doesn't perform duty to creditor (2nd liable ) |
|
|
How must a surety promise be evidenced? |
Statue of frauds (mylegs) in writing |
|
|
Gratuitous surety vs Compensated sureties |
GS - not compensated, any variation of surety risk releases surety, promise made after loan contract won't bind GS. due to lack of consideration CS - paid surety, material change increasing risk release surety, bound to perform regardless of timing of promise |
|
|
Surety right against creditor |
No right of notice no right to compel collection no right to compel creditor to apply security held debtor defaults - immediately demand payment from surety or debtor or immediately go after collateral (any order) |
|
|
Blank |
blank |
