Generally, the Surety or Guarantor Cannot Avoid Liability on the Obligation

question 51

True/False

Generally, the surety or guarantor cannot avoid liability on the obligation with a defense that is available to a principal debtor.

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Definitions:

Tax Bracket

A range of income amounts that are taxed at a particular rate. Tax brackets result in higher income being taxed at higher rates.

Land

A resource that refers to the natural area or earth's surface, including any resources over or under it, that is used for various purposes like agriculture, building, or recreation.

Depreciated

Refers to the reduction in the value of an asset over time due to wear and tear or obsolescence.

Tax Purposes

The rationale or reason behind actions taken or decisions made to minimize tax liability and ensure compliance with tax legislation.