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Surety entered into an agreement to guaranty Debtor’s loan for equipment. The equipment was destroyed by a faulty electrical circuit installed by Electrical Contractor. Debtor could not pay off the loan and Lender required payment from Surety. Which of the following MOST accurately describes Surety’s legal rights in this case?

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Surety entered into an agreement to guaranty Debtor’s loan for equipment. The equipment was destroyed by a faulty electrical circuit installed by Electrical Contractor. Debtor could not pay off the loan and Lender required payment from Surety. Which of the following MOST accurately describes Surety’s legal rights in this case?






 
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