Legal Question in Business Law in Indiana
Meredith, a farmer, borrowed $5,000 from Farmer's Bank and gave the bank $4,000 in bearer bonds to hold as collateral for the loan. Meredith's neighbor, Peterson, who had known Meredith for years, signed as a surety on the note. Because of a drought, Meredith's harvest that year was only a fraction of what it normally was,and was forced to default on the payments to farmers bank The bank did not imediately sell the bonds but instead requested $5,000 from Peterson. Peterson paid the $5000 and then demanded that bank give him the $4,000 in securities. Can Peterson enforce this demand?
Asked on 11/01/12, 3:56 pm
1 Answer from Attorneys
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Answered on 11/05/12, 1:04 pm
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