Timothy Martinez, owner of Koenig & Vits, Inc. (K&V), guaranteed K&Vs debt to Community Bank & Trust. The guaranty stated that the bank was not mortgage 544 mortgage insurance 546 prepayment penalty clause 545 right of contribution 552 right of reimbursement 552 right of subrogation 552 short sale 547 surety 548 suretyship 548 workout agreement 547 writ of attachment 543 writ of execution 543 the employer complies with the order and Alyssa stays on the job, is one order enough to garnish Alyssas wages for each pay period until the debt is paid? Explain. (See Laws Assisting Creditors.) Check your answers to the Issue Spotters against the answers provided in Appendix D at the end of this text. 292. Liens. Nabil is the owner of a relatively old home valued at $105,000. The homes electrical system is failing, and the wiring needs to be replaced. Nabil contracts with Kandhari Electrical to replace the electrical system. Kand- hari performs the repairs, and on June 1 submits a bill of $10,000 to Nabil. Because of financial difficulties, Nabil does not pay the bill. Nabils only asset is his home, but his states homestead exemption is $60,000. Discuss fully Kandharis remedies in this situation. (See Laws Assisting Creditors.) required to seek payment of the debt from any other source before enforcing the guaranty. K&V defaulted. Through a Wis- consin state court, the bank sought payment of $536,739.40, plus interest at the contract rate of 7.5 percent, from Mar- tinez. Martinez argued that the bank could not enforce his guaranty while other funds were available to satisfy K&Vs debt. For example, the debt might be paid out of the pro- ceeds of a sale of corporate assets. Is this an effective defense to a guaranty? Why or why not?