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According to Robert Merton, what is the difference between manifest and latent functions?
Unsecured Creditors
Creditors who have lent money without obtaining specific assets as collateral, thus bearing a higher risk of loss if the debtor defaults.
Secured Creditors
Creditors who have a legal interest in a debtor's property as collateral for a debt, giving them priority over unsecured creditors in claim payments.
Right of Surety
involves the right of a guarantor (surety) to be reimbursed by the principal debtor for any payments the surety made on the debtor's behalf, under a suretyship arrangement.
Co-sureties
Individuals or entities that jointly commit to paying back a debt or fulfilling an obligation if the primary party fails to do so.
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