Dollar Value Motors asks Estimable Bank for a loan to increase its vehicle inventory. Estimable requires Flair, Dollar Value's president, sign a personal guaranty to pay the debt if Dollar Value defaults. Meanwhile, to buy a pick-up truck from Dollar Value, Gina asks Harper to co-sign a credit application. If Harper signs the application but fails to condition her signature on Dollar Value's agreement to pursue its legal remedies against Gina before looking to her, then Harper is:_______
a. a surety.
b. a lienor.
c. a guarantor.
d. a creditor.

Question

13-12-2019
Business

contestada

Dollar Value Motors asks Estimable Bank for a loan to increase its vehicle inventory. Estimable requires Flair, Dollar Value's president, sign a personal guaranty to pay the debt if Dollar Value defaults. Meanwhile, to buy a pick-up truck from Dollar Value, Gina asks Harper to co-sign a credit application. If Harper signs the application but fails to condition her signature on Dollar Value's agreement to pursue its legal remedies against Gina before looking to her, then Harper is:_______
a. a surety.
b. a lienor.
c. a guarantor.
d. a creditor.

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majocgonzalez majocgonzalez · Answer 1 · 2019-12-13T22:37:13+01:00

Answer:

a. a surety.

Explanation:

-A surety is a person that is primarely liable to pay an obligation that another person has.

-A lienor is someone that owes money and because of that the property he/she owns is kept by the lender until the full amount is paid back.

-A guarantor is a person that takes the responsability to pay an obligation of another person if he/she doesn't make the payments. However, the lender has to take all the measures against the principal debtor in the loan before going against the guarantor.

-A creditor is a person or organization that lends money to be repaid in the future.

According to the meaning of the options given, Harper is a surety.