contestada

you are the surety for your nephew's study loan. the bank that gave the loan to your nephew has brought a claim against you. write out a set of valid legal defenses for yourself by commercial law?

Respuesta :

Tundexi

The set of valid legal defenses for the surety holder by commercial law includes:

  • Illegality of suretyship contract
  • Surety's incapacity etc

What is a surety?

In legal practice, this refers to a guaranty involving a promise by a party who has assume a responsibility for the debt obligation of a borrower if that borrower defaults.

Here, there is little defense for the surety holder because the responsibility has been held by him/her on the loan, thus, the bank that gave the loan to the nephew has a higher chance of recovering then loan from him.

Read more about surety

brainly.com/question/7303089

#SPJ1

Otras preguntas