Surety's/Guarantors Rights and Remedies

Question 1

A Surety

Answer 1

is primarily liable for the debts of the principal debtor

Question 2

A creditor

Answer 2

can seek payment directly from the surety

Question 3

A surety cannot

Answer 3

require the creditor to collect or make the creditor take action against the debtor

Question 4

Upon payment the surety

Answer 4

obtains the rights of subrogation (same rights as creditor)

Question 5

A surety may resort to the rights of exoneration by

Answer 5

requiring the debtor to pay if creditor has not demanded immediate payment from the surety

Question 6

If the surety has paid the debtor’s obligations

Answer 6

the surety may attempt reimbursement from debtor