Debtor-Creditor Relationships

Free CPA REG (Taxation & Regulation) lesson in Business Law. 20 min read, ~3,047 words.

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