Carol Crowe and Sheryl Stowe Signed a Standard Form Bank

question 32

Multiple Choice

Carol Crowe and Sheryl Stowe signed a standard form bank guarantee for Joseph Fine and limited their liability to $48,000. Fine is now in default, owing $60,000 to the Bank. Which of the following is TRUE? (Ignore interest and other chargers)

• A)Carol's liability is limited to $24,000
• B)Carol's liability is limited to $30,000
• C)Carol's liability is limited to $48,000
• D)If it so chooses, the Bank can proceed against Carol only
• E)Both C and D

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