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

question 34

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:

Pulse Oximetry

A non-invasive test that measures the oxygen saturation level of the blood, indicating how well oxygen is being sent to parts of the body furthest from the heart.

Follow-Up

The act of continuing to monitor or assess a situation, patient, or process after an initial intervention or check-up.

Nurse Manager

A registered nurse who oversees the operations of a nursing unit, ensuring patient care quality and staff performance.

Focused Charting

A documentation system used in nursing that centers on patient concerns and strengths, progress, and response to care.