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(Solved): Maurice wants to buy a car and needs to finance the purchase. He goes to Fidelity Bank and asks for ...



Maurice wants to buy a car and needs to finance the purchase. He goes to Fidelity Bank and asks for a loan. Fidelity says that because he is still in college, they will not loan him the money unless his father co-signs on the bank note. Which of the following is true? Question 44 options: If his father signs as a surety, his father has secondary liability. If his father signs as a surety, the bank can seek payment from Maurice's father only after Maurice defaults on the loan. If his father signs as a guarantor, his father is primarily liable. If his father signs as a guarantor, the bank can seek payment from Maurice's father only after Maurice defaults on the loan.



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