Legal Question in Credit and Debt Law in Oklahoma
co-signers rights
My mother in law secured a loan for a son of a friend and he defaulted and the bank withdrew the money from the CD used to secure the loan. Does she have any legal rights to get the money from the son of her friend?
Asked on 12/29/06, 1:44 pm
1 Answer from Attorneys
Steve Chlouber
Fuller, Chlouber & Frizzell, L.L.P.
Re: co-signers rights
She could file a lawsuit against the co-obligor for recovery of the moneys. I am assuming that a verbal agreement exists between the parties that he would pay the loan.
Answered on 1/02/07, 12:35 pm
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