Asked by
Malik Hankerson
on Nov 28, 2024
Verified
Kari is a surety for Lore's loan from Metro Bank. As a surety, Kari's right of reimbursement entitles her to receive from the debtor
A) any right that the creditor had against the debtor.
B) a proportionate share of any overpayment due to the loan's prepayment.
C) all outlays made on behalf of the suretyship arrangement.
D) title to and possession of the property serving as collateral for the loan.
Reimbursement
The process of compensating someone for an expense they have incurred.
Surety
A person or entity that takes responsibility for another's performance of an undertaking, such as fulfilling the terms of a contract.
Outlays
Expenditures or the amount of money expended in the course of conducting business or executing a project.
- Understand the principles of suretyship and the rights and obligations of sureties.
- Evaluate the legal consequences of paying off debts as a surety and the rights that arise from such actions.
Verified Answer
AB
Learning Objectives
- Understand the principles of suretyship and the rights and obligations of sureties.
- Evaluate the legal consequences of paying off debts as a surety and the rights that arise from such actions.