39.1 b a c kn e x t h o m e Chapter 39 Objectives  State the general nature of contracts of guaranty or suretyship.  Identify ways contracts of guaranty.

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39.1 b a c kn e x t h o m e Chapter 39 Objectives  State the general nature of contracts of guaranty or suretyship.  Identify ways contracts of guaranty and suretyship are discharged.  Discuss the rights of the parties in a secured credit sale.  Discuss the rights of the seller and buyer in a secured credit sale. © 2002 West Educational PublishingTo accompany Law for Business, 14e, by Ashcroft and Ashcroft

39.2 b a c kn e x t h o m e Guaranty  Guaranty - agreement in which one party promises to be responsible for debts or obligations of another.  Fidelity bond - contract whereby a person entrusted with money may be required to have someone guarantee faithful performance.  Bonding companies - handle most surety relationships.  Parties involved - guarantor or surety, creditor, and principal.

39.3 b a c kn e x t h o m e Making a Distinction  Do contracts of suretyship need to be in writing? How about contracts of guaranty?  No. Yes.  By law, must a creditor notify sureties if the principal defaults?  No.  In suretyship, is the surety contractually obligated to pay the obligation?  Yes. Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz

39.4 b a c kn e x t h o m e Rights of Surety and Guarantor Explain each of the following: 1. Indemnity 4. Exoneration 3. Contribution 2. Subrogation Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz

39.5 b a c kn e x t h o m e Secured Credit Sales  In a secured credit sale, the seller retains the right to repossess goods upon default.  Security agreement describes collateral and contains terms and names of parties.  Rights of the seller may be transferred to a third person by assignment.  Rights of the buyer include transferring collateral and determining the amount owed.

39.6 b a c kn e x t h o m e Perfection of a Security Interest Explain each of the following:  Perfected security interest  Inventory  Equipment  Financing statement  Fixtures  Consumer goods  Repossession  Resale Let’s Discuss Let’s Discuss Let’s Discuss Let’s Discuss Let’s Discuss Let’s Discuss Let’s Discuss Let’s Discuss

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