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Redemption Phillip Rideout and his family owned several real estate businesses. Phillip was the president and sole shareholder of Rideout Property Corporation. He was a
Redemption Phillip Rideout and his family owned several real estate businesses. Phillip was the president and sole shareholder of Rideout Property Corporation. He was a general partner of RI Properties, which owned a home in Connecticut that served as the Rideouts' summer home. He was the only limited partner in RI Investment Group and was the sole shareholder of Rideout Investment Corp., the general partner for RI Investment Group. Each of these entities was a separate legal entity and followed all the required processes for remaining separate separate accounting and bank accounts, separate insurance policies and licenses as needed, etc Rideout Investment Corp. signed a loan document with Customer Bank with Phillip Rideout as a guarantor on the loan. Rideout Investment Corp. defaulted on the loan and Customer Bank sued to foreclose on the property and obtain a judgment for any amount still owed. RI Properties wrote a check to Customer Bank for the balance of the loan, which Customer Bank accepted and deposited. The borrower in this situation is The lender in this situation is Customer Bank The guarantor in this situation is Sometimes there is more than one term that applies to a party. In this scenario, Customer Bank is also referred to as the debtor and Rideout Investment Corp. is also referred to as the Select A guaranty is an agreement that Select be in writing and where a Select promises to Select in the event the Select does not pay. One of the primary differences between a guaranty and surety is that a guarantor has Select liability, whereas a surety has Select liability. Primary liability means the creditor Select need to seek payment from the principal debtor first when the debt becomes due. With a guaranty, the guarantor can be required to pay the obligation only Select the debtor defaults and usually after the creditor has first attempted to collect from the debtor. The terms of the Select determine the guarantor's liability. Borrowers have the right to pay off debt related to real property, including the balance of a loan with interest, to maintain their ownership according to the equitable right of Select In this case, the original borrower Select pay the debt. In this case, the original borrower Select exercise the right of equitable redemption. When a borrower defaults, the guarantor Select of the borrower. In this situation, the guarantor Select pay off the loan amount. In this situation, the guarantor Select exercise the right of equitable redemption. In this situation, the entity that paid off the debt Select the borrower or the guarantor. Because the entity that paid the debt Select the borrower of the guarantor, the entity Select exercise the equitable right of redemption
Redemption
Phillip Rideout and his family owned several real estate businesses. Phillip was the president and sole shareholder of Rideout Property Corporation. He was a general partner of RI Properties, which owned a home in Connecticut that served as the Rideouts' summer home. He was the only limited partner in RI Investment Group and was the sole shareholder of Rideout Investment Corp., the general partner for RI Investment Group. Each of these entities was a separate legal entity and followed all the required processes for remaining separate separate accounting and bank accounts, separate insurance policies and licenses as needed, etc Rideout Investment Corp. signed a loan document with Customer Bank with Phillip Rideout as a guarantor on the loan. Rideout Investment Corp. defaulted on the loan and Customer Bank sued to foreclose on the property and obtain a judgment for any amount still owed. RI Properties wrote a check to Customer Bank for the balance of the loan, which Customer Bank accepted and deposited.
The borrower in this situation is
The lender in this situation is
Customer Bank
The guarantor in this situation is
Sometimes there is more than one term that applies to a party. In this scenario, Customer Bank is also referred to as the
debtor
and Rideout Investment Corp. is also referred to as the
Select
A guaranty is an agreement that
Select
be in writing and where a
Select
promises to
Select
in the event the
Select
does not pay.
One of the primary differences between a guaranty and surety is that a guarantor has
Select
liability, whereas a surety has
Select
liability.
Primary liability means the creditor
Select
need to seek payment from the principal debtor first when the debt becomes due. With a guaranty, the guarantor can be required to pay the obligation only
Select
the debtor defaults and usually after the creditor has first attempted to collect from the debtor.
The terms of the
Select
determine the guarantor's liability.
Borrowers have the right to pay off debt related to real property, including the balance of a loan with interest, to maintain their ownership according to the equitable right of
Select
In this case, the original borrower
Select
pay the debt.
In this case, the original borrower
Select
exercise the right of equitable redemption.
When a borrower defaults, the guarantor
Select
of the borrower.
In this situation, the guarantor
Select
pay off the loan amount.
In this situation, the guarantor
Select
exercise the right of equitable redemption.
In this situation, the entity that paid off the debt
Select
the borrower or the guarantor.
Because the entity that paid the debt
Select
the borrower of the guarantor, the entity
Select
exercise the equitable right of redemption
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