Legal Question in Business Law in Indiana
mereidth a farmer, borrowed $5,000 from farmer's bak and gave the bank $4,000 in bearer bonds to hold as colateral for the loan. Merdith neighbor., Peterson, who had know Meredith for years, signed as a surety on the note. Because of a drought, Merdith's harvest that year was only a fraction of what it normally was, and he was forced to default on his payments to farmer's bank. The bank did not imediately sell the bonds but instead requested $5,000 and then demanded that bank give him the $4,000 in securities. Can Peterson enforce this demand?
Asked on 10/31/12, 5:40 pm
1 Answer from Attorneys
Kenneth Wilk
Rubino Ruman Crosmer & Polen
Your question makes no sense. Sorry.
Answered on 11/01/12, 3:18 pm
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