In the Case in the Text National College Loan Trust

question 16

Multiple Choice

In the case in the text National College Loan Trust 2004-1 v.Irizarry,what was the court's holding?

• A)The contract did not require the loan company to exhaust all remedies against the student before calling upon the accommodation party to make a payment.
• B)The contract required the loan company to exhaust all remedies against the student before calling upon the accommodation party to make a payment.
• C)The accommodation party was not liable for payments on the loan because he did not receive a benefit under the education loan contract.
• D)The accommodation party was not liable for payments on the loan because the loan company did not properly put him on notice.

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Definitions:

Fiscal Year

A 12-month period used for accounting purposes and financial reporting by organizations, which may not align with the calendar year.