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James was the guarantor for a loan Edward had at the bank. Edward had also pledged a coin collection ...

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James was the guarantor for a loan Edward had at the bank. Edward had also pledged a coin collection ...

James was the guarantor for a loan Edward had at the bank. Edward had also pledged a coin collection as security for the loan. The loan came in default, so James made the remaining payments. Who gets the coin collection?
a. The bank does, since it is the bank's loan that was defaulted.
b. James does, since the coin collection is his consideration for the guarantee.
c. James does, since he has the right of subrogation.
d. Edward does, since the loan is now fully paid up.
e. James does, since he has the right of set-off.

Textbook

The Law and Business Administration in Canada

Edition: 14^th

Authors: Smyth, Soberman, Easson, McGill

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Ashorn Author

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6 years ago

you da best

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