Answered step by step
Verified Expert Solution
Question
1 Approved Answer
EZ loan company lends $90,000 to John Paul, George and Ringo as co-sureties. The maximum liability for each of them is $18,000 for Paul $27,000
EZ loan company lends $90,000 to John Paul, George and Ringo as co-sureties. The maximum liability for each of them is $18,000 for Paul $27,000 for George $45,000 for Ringo. With $60,000 left to pay on the loan John defaults. If Ringo pays $45,000 and John pays $15,000 how much can Ringo get back from Paul and George? a $18,000 from Paul and $27,000 from George b. $13,500 from Paul and $20,250 from George OC.59,000 from Paul and 513,500 from George d. Nothing QUESTION 27 A bankruptcy trustee has the power to avoid: a preferential transfers b. fraudulent conveyances c. transactions that the debtor could have canceled d. all of the above QUESTION 28 Kagrees to co-sign a car loan application for his nephew. Legally Kis considered: surety and assume primary liability b. a Surety and have secondary liability Cuarantor and have primary lability Cand CATA
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started