Cosureties Flashcards
1
Q
If a cosurety pays more their their share
A
they can be compensated by the excess from the other cosureties
2
Q
Difference between surety and cosurety
A
Surety is when one person agrees to the obligations of a debt
Co surety is when multiple people agree to the same debt
3
Q
What is the formula for cosurety pro rata share
A
)Dollar amount of individual cosurety personally guaranteed divided by total amount of risk assumed by all cosureties) times the remaining obligation
