Kay borrowed $200,000 for her business. First Bank loaned the money but required a surety and collateral. Kay put up her boat, valued at $110,000, and Anson agreed to guarantee the entire loan. After Kay had paid $50,000 of the loan, she asked First Bank to release the collateral since she wanted to sell it to her brother. The bank looked at her perfect payment record and agreed. Two weeks later, she sold the business, took the boat to Brazil, and never was heard from again. Can First Bank collect from Anson?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Kay borrowed $200,000 for her business. First Bank loaned the money but required a surety and collateral. Kay put up her boat, valued at ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Ivory Fast Delivery Company, an accrual basis taxpayer, frequently has claims for damages to property the company delivered. Often the claim is not filed until a month after the delivery.
Answers (1)
If a bond from the franchise Green's Galor has a coupon's rate of 5%, par value of $2000, and will mature in 5 years, how much will the company pay the holder when it retires the debt
Answers (1)
The Burgers 4 Upper U Restaurant Group supplies its franchise restaurants with many pre-manufactured ingredients (such as bags of frozen French fries), while other ingredients (such as lettuce and tomatoes) are sourced locally.
Answers (1)
A high level of pay relative to that of competitors can ensure that
Answers (1)
What types of things do you buy with a debit card
Answers (1)
New Questions in Business
What is the basic formula of the malthus theorem?
Answers (1)
If an industry is perfectly competitive or monopolistically competitive, then the government has relatively little reason for concern about the extent of competition new ways of pleasing customers taking advantage of economies of scale regulatory
Answers (1)
Mango Company applies overhead based on direct labor costs. For the current year, Mango Company estimated total overhead costs to be $480,000, and direct labor costs to be $240,000.
Answers (1)
Samuel is working on his annotated bibliography. While writing his annotations, he copies and pastes materials from his sources into his annotations without using quotation marks. This is
Answers (1)
Vanessa's snowboard manufacturing company has encountered problems with one of its computerized decal makers. Vanessa might get someone from the Maintenance, Installation and Repair Pathway of the Manufacturing career cluster to fix the issue.
Answers (1)