Explain the rights of the surety

Assignment Help Business Law and Ethics
Reference no: EM131660328

Question: Rights of the Surety. 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 what it normally was, 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.

Reference no: EM131660328

Questions Cloud

Describe voluntarily petitions for bankruptcy : Runyan voluntarily petitions for bankruptcy. He has three major claims against his estate. One is by Calvin, a friend who holds Runyan's negotiable promissory.
Standard deviations above the? mean : How many of the 110 scores are expected to be below 34.16 ?(two standard deviations above the? mean)?
Discuss the strengths and limits to watsons theory : Discuss the strengths and limits to Watsons Theory
Pounds and standard deviation : Men's weights are normally distributed with mean 170 pounds and standard deviation 20 pounds.
Explain the rights of the surety : Rights of the Surety. 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.
Discussion on health care organizations indeed serve : Health Care organizations indeed serve the public with a much-needed service providing medical treatment to those in need.
Analyze the strategic alternatives that result from monitor : evaluate the strategies, efficiency, efficacy, and outcomes of your department or strategic business unit (SBU).
Are soup classes and salad classes independent : In a culinary school of 750 students, soups and salad are the most popular classes. In the salad classes there are 300 students and 30 of those students
On what ground might the loans be dischargeable : Discharge in Bankruptcy. Jon Goulet attended the University of Wisconsin in Eau Claire and Regis University in Denver, Colorado, from which he earned a bachelor

Reviews

Write a Review

Business Law and Ethics Questions & Answers

  Legal environment of business caselet

The assignment in Law deals with the topic "Legal Environment of Business". A case study about Mary, a newly joined employee who is working in the USA and Europe. She faces few issues at her work place in Europe and tries to talk to her manager who s..

  Business ethics & legal issues caselet

This assignment is about the concept of Business Ethics & Legal Issues. The laws relating to these can be found in Antitrust laws. These laws are concerned with those large corporations which have a majority of market share, mergers and acquisitions.

  Questions on business law and ethics

Examples of securities that are exempted from the registration provisions of the 1933 Act and involving misstatement of material facts in a prospectus.

  Discuss the doctrine of ratification of pre-incorporation

With the aid of a decided cases, discuss the doctrine of ratification of pre-incorporation contract.

  Discuss the extent of phoenixing activity

It has been estimated that about 6,000 phoenix companies operate in Australia, costing government and the community hundreds of millions of dollars per year and impacting on individuals.

  Application of law to facts

Company Law, Application of Law to Facts and Conclusion.

  Question on business law and ethics

This assignment related to business law.

  Questions on business law

Answer all the questions under business law.

  Iidentify the issue raised by the facts

Iidentify the issue(s) raised by the facts, identify the relevant legal principles, apply the relevant legal principles to the facts, reach a conclusion.

  Evaluation of software development

Prepare a report and present an evaluation of the subsequent methodologies for software development in terms of cost, resources and time.

  Business value and ethics

Business value and ethics,  Bart agrees to put Sam's Super Bowl champion-ship autographed football in his sports store to sell for $1,500. Sam agrees to pay Bart a 15% commission for selling the ball. If Joe comes in the sports store and offers Bart ..

  Explain what is meant by income by ordinary concepts

Advise what tax consequences arise in respect of the payments.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd