Explain the rights and duties of a surety

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Reference no: EM133291008

Assignment:

A suretyship is an accessory contract by which one person undertakes liability for another's debt or financial obligations. You may have been approached by a friend to act as their surety/guarantor for a loan that they wish to take out.

1. In consideration of this decision you would need to understand the duties and rights that a surety would have. Explain the rights and duties of a surety.

2. Discuss the following rights of surety and provide support for your answer with examples:

3. Benefit of excussion.

4. Benefit of division amongst co-sureties.

5. Right of recourse against co-sureties.

Reference no: EM133291008

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