...question pls (10pts)? A surety/guarantor signs for a friend in order for that friend to get a loan from the bank. The friend then goes bankrupt. The bank, wanting their money back, come to the surety to demand payment, but the surety doesn't have the funds to pay the bank. The only asset the surety has is a house, that is CO-OWNED by his bankrupt friend.
The questions:
1. Does the surety have any way of legally remedying the situation, or getting out of having to pay the bank?
2. Is the surety's asset (house) protected from seizure because his friend is co-owner of it and is supposed to be exempt from the banks actions? Please no random answers.
The questions:
1. Does the surety have any way of legally remedying the situation, or getting out of having to pay the bank?
2. Is the surety's asset (house) protected from seizure because his friend is co-owner of it and is supposed to be exempt from the banks actions? Please no random answers.