The rights and liabilities of both sureties and guarantors are substantially equivalent.

Question

Quizplus · Accepted Answer

Both sureties and guarantors provide a promise to pay a debt or perform an obligation if the primary borrower or obligor fails to do so. They are both equally liable for the amount owed and have similar rights, including the right to be reimbursed for any payments made on behalf of the borrower. However, there may be some differences in the specific terms of the guarantee or suretyship agreement, such as the nature of the obligation or the extent of the liability.

The Rights and Liabilities of Both Sureties and Guarantors Are