Question: Burger borrowed $ 10,000 on a three- year term from Valley National Bank. Burgers uncle signed as guarantor of the loan. At the end of

Burger borrowed $ 10,000 on a three- year term from Valley National Bank. Burger’s uncle signed as guarantor of the loan. At the end of the three years, Burger requested that the bank extend the loan for an additional three years and the bank agreed. Burger’s uncle was never notified of the loan extension. Is Burger’s uncle relieved from liability as guarantor of the loan?

Step by Step Solution

★★★★★

3.46 Rating (172 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Yes A guarantor on a note is relieved from li... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

564-L-B-L-C (1630).docx

120 KBs Word File

Students Have Also Explored These Related Business Law Questions!

Motion Designs Inc. has paid quarterly cash dividends since 2003. These dividends have steadily increased from $0.05 per share to the latest dividend declaration of $0.50 per share. The board of...

Motion Designs Inc. has paid quarterly cash dividends since 2005. These dividends have steadily increased from $0.05 per share to the latest dividend declaration of $0.50 per share. The board of...

Motion Designs Inc. has paid quarterly cash dividends since 20Y7. These dividends have steadily increased from $0.05 per share to the latest dividend declaration of $0.50 per share. The board of...

I desperately need help on this assignment..It is due in less than a week. Read ALL instructions before getting started! ABC Corporation is a new company that buys and sells office supplies. Business...

This is a comprehensive project. I do believe it is worth more than 8 dollars, so whomever excepts it I will post 2 more questions after that i will accept any answer for. This was you get $24 for...

I am needing someone to look over the "Adjusted Journal entries" I have made and make sure they are correct. My adjusted trial balance is off. I can not seem to find the problem. Read ALL...

I need desperate help with this Comprehensive Project in Accounting. Document attached Read ALL instructions before getting started! ABC Corporation is a new company that buys and sells office...

ASSESSMENT TASKS - ASSIGNMENT 1 Page 2 ASSIGNMENT 1 Task Using the information contained in the Scenario below, please complete the following 6 tasks. You must complete each task for your submission...

Quantitative Analysis Estimate each propertys current value by calculating the present discounted value of expected future cash flows. The forward-looking cash flows have been provided for you in the...

Consider the diffuser of a supersonic aircraft flying at M 1.4 at such an altitude that the temperature is 20C, and the atmospheric pressure is 50 kPa. Consider two...

According to Card (2009), (a) workers with less than a high school education are perfect substitutes for those with a high school education, (b) high school equivalent and college equivalent workers...

commercial paper has a maximum maturity of how many days?

(a) Using the data in FOREST.XLS (see Exercise 4.1) run a regression of Y on X and obtain the residuals. How would you interpret the residuals? Are there any outliers? (b) Repeat part (a) for the...

When do courts grant specific performance as a remedy?

What is the rationale underlying the doctrine of the election of remedies?

Wilken owes Rivera $2,000. Howie promises Wilken that he will pay Rivera the $2,000 in return for Wilkens promise to give Howies children guitar lessons. Is Rivera an intended beneficiary of the...

Excel Online Structured Activity: CAPM, portfolio risk, and return Consider the following information for three stocks, Stocks A, B, and C. The returns on the three stocks are positively correlated,...

Cell phone companies often have options so that it is not always easy to determine which product is best for you. If you average 356 minutes per month in talk time, which option is the better deal -...

A movie theater company wants to see if there is a difference in the average movie ticket sales in San Diego and Portland per week. They sample 20 sales from San Diego and 20 sales from Portland over...