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