Question
Rick signs a promissory note payable to Glenn in the amount of $50,000. Shirley agrees to be liable as surety on the note up to
Rick signs a promissory note payable to Glenn in the amount of $50,000. Shirley agrees to be liable as surety on the note up to $10,000. Jack agrees to be surety on the note up to $25,000. Lesa agrees to be surety on the note up to $30,000 and Ron agrees to be surety on the note up to $75,000. Rick defaults on the note and Glenn recovers $40,000 against Ron. Ron seeks contribution against the other sureties, but finds that Shirley is bankrupt. What will be the result?
A. | Ron will be denied recovery in contribution because of the doctrine of locus calipari. | |
B. | Ron will recover $7,680 from Jack and $9,240 from Lesa. | |
C. | Ron will recover $7,142 from Jack and $8,571 from Lesa. | |
D. | Ron will receive $25,000 from Jack and $30,000 from Jack. |
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