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:

Family Nursing Approach

A nursing practice that considers the health and wellbeing of the family unit in the assessment, planning, and implementation of care.

Discharge Planning

Discharge planning is a coordinated process aimed at ensuring a patient has a smooth transition from hospital to home or another care setting.

Validity

The extent to which a concept, conclusion or measurement is well-founded and corresponds accurately to the real world.

Oldest Son

The firstborn male child in a family.