Loan and co-surety Flashcards
1
Q
What co-sureties are entitle to - RIGHTS
A
-Exoneration - Compel principal to pay because principal is able to pay - Legal able to enforce - Before co-surety PAYS
-Subrogation - Surety is creditor - after paying the loan - taking over the loan - pay off the original creditor
Reimbursement - Compel principal to pay after co-surety paid the creditor request payment from principal
Contribution - Surety seeks payment from another surety when one surety pays more than other sureties
