James Was the Guarantor for a Loan Edward Had at the Bank

question 3

Multiple Choice

James was the guarantor for a loan Edward had at the bank. Edward had also pledged a coin collection as security for the loan. The loan came in default, so James made the remaining payments. Who gets the coin collection?

• A) The bank, since it is the bank's loan that was defaulted.
• B) Edward, since the loan is now fully paid up.
• C) James, since he has the right of subrogation.
• D) James, since he has the right of set- off.
• E) James, since the coin collection is his consideration for the guarantee.

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