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Suretyship: Intro, Creation, & Types Flashcards Preview

REG > Suretyship: Intro, Creation, & Types > Flashcards

Flashcards in Suretyship: Intro, Creation, & Types Deck (2)
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1

Guarantor/Surety

Someone who agrees to stand liable for a debt of another.
Can be in addition to any collateral.
3 Parties:
- Creditor, debtor, guarantor/surety
Generally can recover against surety/guarantor first, unless "guarantor of collection"
Generally exam uses surety unless discussing "guarantor of collection"

2

Guarantor/Surety
Creation

- Writing and signed by surety
- Consideration NOT required
- Multiple suretys:
- Sub surety: tertiarily liable
- Co-sureties:
- Liable for full amount
- Liable for % of debt
- If one pays in full, others are liable based on % (if only 2, up to 50%)

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