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Able and Baker sign a note for $250,000, as co-makers, payable to Charlie. They use Ables property as collateral, which has a value of $350,00.
Able and Baker sign a note for $250,000, as co-makers, payable to Charlie. They use Ables property as collateral, which has a value of $350,00. Charlie, however, fails to file a financing statement, as required by state law. Subsequently, Able suffers business losses and files for bankruptcy. As a result, Ables property is sold to pay other debts and Able cannot pay anything toward the amount due on the note. A. What is the legal responsibility of a co-maker? B. What would have happened if Charlie had filed the financing statement? C. In this situation, does Baker owe $250,000 to Charlie
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