Can peterson enforce this demand explain

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Question: Meredith, a farmer, borrowed $5,000 from Farmer's Bank and gave the bank $4,000 in bearer bonds to hold as collateral for the loan. Meredith's neighbor, Peterson, who had known Meredith for years, signed as a surety on the note. Because of a drought, Meredith's harvest that year was only a fraction of the normal amount, and he was forced to default on his payments to Farmer's Bank. The bank did not immediately sell the bonds but instead requested $5,000 from Peterson. Peterson paid the $5,000 and then demanded that the bank give him the $4,000 in securities. Can Peterson enforce this demand? Explain. For a sample answer to this question, go to Appendix B at the end of this text.

Reference no: EM131470675

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