Surety Flashcards
1
Q
Surety
A
Promises to pay debt upon default
2
Q
Exoneration
A
surety may require debtor to pay first
3
Q
Reimbursement
A
Surety can seek reimbursement from debtor
4
Q
Subrogation
A
Upon payment, surety assumes creditors rights
5
Q
Right of Contribution
A
Each cosurety may have to pay their share
6
Q
Surety Contract
A
One party agrees to pay debt of other
7
Q
Indemnity Contract
A
One party promises to reimburse debtor for payment of debt if it arises
8
Q
Cosurety
A
Joint and severally liable to creditor
