Debtor-Creditor Relationships

Free CPA REG (Taxation & Regulation) lesson in Business Law. 20 min read, ~3,028 words.

Cosigner (surety) = primarily liable. The creditor can demand payment immediately on default. Guarantor of collection = secondarily liable, creditor must exhaust remedies against the debtor first. Article 9 attachment needs three things: security agreement (or possession), value given, debtor has rights in the collateral. Skip one, no security interest...