Can the bank collect the full amount of the loan from bill

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Reference no: EM131366753

Here is the scenario:Third Bank loaned $50,000 to the handyman business. Chad, Dad and their friend Bill agreed to be co-sureties for the loan. The handyman business defaulted on the loan and Third Bank plans to sue Bill for payment of the loan. Please help me answer the question. Can the bank collect the full amount of the loan from Bill? If Bill pays the loan, does he have a right to contribution from Dad and Chad? If so, how much can Bill recover from Dad and Chad?

Reference no: EM131366753

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