Right against the principal debtor
Right against the creditor
Right against the co-sureties
All of the above
Answer is Right!
Answer is Wrong!
The correct answer is D. All of the above.
A surety is a person who agrees to be responsible for the debt or obligation of another person, known as the principal debtor. The surety’s rights are as follows:
- Right against the principal debtor: The surety has the right to sue the principal debtor if the principal debtor fails to pay the debt.
- Right against the creditor: The surety has the right to sue the creditor if the creditor fails to enforce the surety’s rights against the principal debtor.
- Right against the co-sureties: If there are multiple sureties, each surety has the right to sue the other sureties if one of the sureties fails to pay the debt.
The surety’s rights are important because they protect the surety from being held responsible for a debt that the principal debtor cannot or will not pay.