If the Principal Debtor Defaults, the Surety Has Rights Against

question 42

Multiple Choice

If the principal debtor defaults, the surety has rights against the principal debtor, third parties, and cosureties. These rights would include:

• A) exoneration.
• B) reimbursement.
• C) subrogation.
• D) contribution.
• E) All of these.

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Definitions:

Northern Colonial Ports

Ports in the Northern American colonies, which were essential for trade and the economy during the colonial period, serving as hubs for importing goods and exporting resources like timber and fish.

Rice Plantations

Large agricultural estates typically found in the southern United States where rice is grown as the main crop, historically reliant on the labor of enslaved Africans.

Birthrate of Slaves

The rate at which enslaved individuals gave birth, an indicator of population changes among enslaved communities.

Middle Passage

The sea voyage that transported enslaved Africans across the Atlantic Ocean to the Americas, a central part of the transatlantic slave trade known for its brutal conditions.