Asked by
Jaida Williams
on Nov 30, 2024Verified
What party(ies) is/are involved in a suretyship relationship?
A) The principal debtor.
B) An ancillary bailee.
C) Principal bailee.
D) All of these.
Suretyship Relationship
is a legal arrangement where a surety guarantees the performance of a debtor's obligation to a creditor, assuming liability if the debtor fails to fulfill the contractual obligation.
Principal Debtor
The main individual or entity responsible for repaying a debt or obligation.
Ancillary Bailee
An individual or entity that is temporarily entrusted with someone else's property for a specific, ancillary service, without transfer of ownership.
- Identify the parties involved in a suretyship or secured transaction and their respective rights and duties.
Verified Answer
SM
Learning Objectives
- Identify the parties involved in a suretyship or secured transaction and their respective rights and duties.