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Suretyship (Defenses of surety (Lack of consideration, Variations of the…
Suretyship
Defenses of surety
Lack of consideration
Variations of the surety's risk
Surety's incapacity or bankruptcy
Extension of time vs. Delay in collection
Discharge of principal's obligation
Loss of security
Illegality of the principal's obligation
Release of consurety
Duress upon principal
No defense situations
Defrauded principal
The surety's rights
Against principal debtor
Before payment: Exoneration
After payment: Subrogation
After payment: reimbursement
Against cosureties
Before payment: exoneration
After payment: Contribution
Against creditor
Judicial liens and garnishment
Judicial lien: in debtor's hand
Garnishment: in 3rd party's hand
Prejudgment attachment
Creditor's right's outside of suretyship
Creditor's composition: less than full claim
Assignment for the benefit of creditors: not discharged from unpaid debts
Surety vs. Guarantor
Statue of frauds
Mechanic's and materialman's liens
Fraudulent conveyances
Fair debt collection practices act ( FDCPA)