(SOLVED) Patrick Dillon applied for a 10 000 loan from

Carlton Savings
Patrick Dillon applied for a $10,000 loan from Carlton Savings & Loan. Carlton required him to
obtain a surety. Patrick approached Sinclair Surety Co., which insisted that Patrick provide it
with a financial statement. Patrick did so, but the statement was materially false. In reliance
upon the financial statement and […]

Pamela Darden owed Clark $5,000 on an unsecured loan. On May 1, Pamela approached Clark
for an additional loan of $3,000. Clark agreed to make the loan only if Pamela could obtain a
surety. On May 5, Simpson agreed to be a surety on the $3,000 loan, which was granted […]

Campbell loaned Perry Dixon $7,000, which was secured by a possessory security interest in
stock owned by Perry. The stock had a market value of $4,000. In addition, Campbell insisted
that Perry obtain a surety. For a premium, Sutton Surety Co. agreed to act as a surety for the
full […]

Paula Daniels purchased an automobile from Carey on credit. At the time of the sale, Scott
agreed to be a surety for Paula, who is sixteen years old. The automobile’s odometer stated
fifty-two thousand miles, but Carey had turned it back from seventy-two thousand miles. Paula
refuses to make any […]

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Peter Diamond owed Carter $500,000 secured by a first mortgage on Diamond’s plant and
land. Stephens was a surety on this obligation in the amount of $250,000. After Diamond
defaulted on the debt, Carter demanded and received payment of $250,000 from Stephens.
Carter then foreclosed upon the mortgage and sold […]

Allen, Barker, and Cooper are cosureties on a $750,000 loan by Durham National Bank to
Kingston Manufacturing Co., Inc. The maximum liability of the sureties is as follows: Allen,
$750,000; Barker, $300,000; and Cooper, $150,000. If Kingston defaults on the entire $750,000
loan, what are the liabilities of Allen, Barker, […]

Jones bought a used car from the A–Herts Car Rental System, which regularly sold its used
equipment at the end of its fiscal year. First National Bank of Roxboro had previously obtained a
perfected security interest in the car based upon its financing of A–Herts’s automobiles. Upon
A–Herts’s failure to […]

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