Legal Question in Credit and Debt Law in Texas

Collection of debt for an unsecured loan which was signed on as a second

Can a company that bought a reposed car loan, collect the remainder of the unsecured debt from the second signer on the note?


Asked on 8/23/05, 10:00 pm

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: Collection of debt for an unsecured loan which was signed on as a second

Yes.

1. The note is commercial paper that can be bought and sold.

2. All signers on a note are jointly and severally liable on the note, whether original makers, cosigners, or guarantors.

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Answered on 8/24/05, 9:25 am


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