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Biz Law

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Submitted By wikivivian
Words 2016
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a debtor-creditor relationship arises when the parties enter into a contract that provides for the creditor to advance funds to the debtor and requires the debtor to repay that principal amount with specified interest over an agreed-upon time.

Suretyship-pledge or guaranty to pay the debt or be liable for the default of another
Surety- obligor of a suretyship; primarily liable for the debt or obligation of the principle debtor

Obligor-promisor
Guaranty- agreement or promise to answer for a debt; an undertaking to pay the debt of another if the creditor first sues the debtor

Guarantor: one who undertakes the obligation of guaranty
Principal/debtor/principal debtor: person or firm who employs an agent; the person who, with respect to a surety, is primarily liable to the third person or creditor; property held in trust.

Obligee=creditor

Guaranty of collection: form of guaranty in which creditor cannot proceed against guarantor until after proceeding against debtor
Absolute guaranty=suretyship,
Guaranty of payment creates absolute guaranty and requires the guarantor to pay upon default by the principle debtor.

Indemnity contract is an undertaking by one person for a consideration to pay another person a sum of money in the event that the other person sustains a specified loss.

All based on contract.
Notice of acceptance must be given by the oblige to the guarantor.

Surety’s rights
1, Exoneration: harmed by the failure by the debtor
2,subrogation: when a surety pays, it automatically acquires the claim and rights of the creditors.
3, indemnity: a surety that has made payment of a claim for which it was liable as surety is entitled to indemnity from the principal debtor
4, contribution: if one surety pays more, it is entitled to demand contribution from its co-sureties

surety’s defense
1, ordinary contract defense (lack of

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