Tiny Borrows $20,000 from First Bank

question 503

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) First to exonerate him
• D) Tiny to become an indentured servant
• E) none of the other choices

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