Thomas Borrowed $100,000 from First Bank,which Asked That He Both

question 7

Essay

Thomas borrowed $100,000 from First Bank,which asked that he both put up collateral and provide a surety.Consequently,Thomas provided the bank with a security interest in his antique car collection and asked Victor to act as a surety.Victor agreed to do so and signed a surety agreement with the bank.Thomas made several payments on the loan and then asked First Bank for permission to sell three of his cars.First Bank agreed,but it never notified Victor of the sale of the collateral.Thomas then defaults on the loan.First Bank now wants Victor to pay the remainder of the loan.Must Victor pay? Explain.

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Definitions:

General Anesthesia

General anesthesia is a medically induced coma and loss of protective reflexes, used during surgery to ensure a patient is unconscious and pain-free.

Muscle Tension

The condition in which muscles of the body remain semi-contracted for an extended period, which can lead to muscle fatigue and discomfort.

Doula

A trained professional who provides continuous physical, emotional, and educational support to a mother before, during, and shortly after childbirth.

Emotional Support

Providing empathy, concern, affection, and encouragement to someone, typically in a time of need.