Business Law Text and Cases
Quiz 29: Creditors Rights and Remedies
A Lender Does Not Have to Strictly Comply with the State
A lender does not have to strictly comply with the state statute governing foreclosure-substantial compliance is sufficient.
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In a suretyship relationship, a third person's credit becomes the security for a debt.
A surety is primarily liable for the debt of a principal.
A creditor must exhaust all legal remedies against the principal debtor before holding a surety responsible for payment.
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