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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Ch 29 Creditor's Rights Discussion

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Q X, Y and Z are co-sureties on a $100,000 loan taken out by Harvey. X 's maximum liability under the agreement was $50,000, Y's maximum liability was agreed to be $30,000 and Z's liability was capped at $20,000. Harvey declares bankruptcy when he owes $40,000 on the debt, and the creditor gets full payment from X. What is X's right of contribution from Y and Z?

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The proportion of risk which has been undertaken by X would be equal to 50000/100000*100=50%. The proportion of risk which has been undertaken by Y would be equal to 30000/100000*100=30%. The proportion of risk which has been undertaken by Z would be equal to 20000/100000*100=20%. In this situation, there has been a declaration that the borrower has become bankrupt. Moreover, the bankrupt borrowers has the knowledge about the fact that there is a debt of 40,000.