Today, there is no significant difference in the liability of a surety and a guarantor in any state at common law or otherwise.

Question

Quizplus · Accepted Answer

At common law and in various jurisdictions, there are significant differences between the liability of a surety and a guarantor. A surety's obligation is typically primary and immediate upon the debtor's default, whereas a guarantor's obligation usually arises only after the creditor has exhausted remedies against the principal debtor.

Today, There Is No Significant Difference in the Liability of a Surety