A suretyship is an accessory contract by which one person undertakes liability for another’s debt or financial obligations.
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Get it written →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.
1.1. 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.
1.2. Discuss the following rights of surety and provide support for your answer with examples:
1.2.1. Benefit of excussion.
1.2.2. Benefit of division amongst co-sureties.
1.2.3 Right of recourse against co-sureties.
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