Question
Answer briefly and concisely based on legal reasoning. Leone is indebted to Marty amounting to P500. In case the former is insolvent, Oliver will pay
Answer briefly and concisely based on legal reasoning.
Leone is indebted to Marty amounting to P500. In case the former is insolvent, Oliver will pay as a guarantor. Noreen, a third person to the obligation, pay Marty for the debt of Leone.
1. If Leone has knowledge/consent, can Noreen ask for reimbursement and proceed to the guarantor?
2. What do you call the personal novation on the part of Noreen? Substitution or subrogation?
3. What if Leone has no knowledge and is against her will as to the payment of Noreen, will your answer in #1 be the same?
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Financial Institutions Management A Risk Management Approach
Authors: Anthony Saunders, Marcia Millon Cornett
9th edition
1259717771, 1259717772, 9781260048186, 1260048187, 978-1259717772
