Tiny Borrows $20,000 from First Bank

question 400

Multiple Choice

Tiny borrows $20,000 from First Bank. Mike is the surety on the loan. Tiny defaults and First Bank requires Mike to pay the balance of the loan. In this case, Mike may sue:

• A) First for violating its guarantor obligations
• B) First for defrauding him
• C) Tiny to reimburse or exonerate him
• D) Tiny to enslave himself to Mike
• E) First to exonerate him