West promised to make Noll a loan of $180,000 if Noll obtained sureties to secure the loan. Noll entered into an agreement with Carr, Gray, and Pine to act as cosureties on his loan from West. The agreement between Noll and the cosureties provided for compensation to be paid to each of the cosureties. It further indicated that the maximum liability of each cosurety would be as follows: Carr $180,000, Gray $60,000, and Pine $120,000. West accepted the commitment of the sureties and made the loan to Noll. After paying nine installments totaling $90,000, Noll defaulted. Gray's debts (including his surety obligation to West on the Noll loan) were discharged in bankruptcy. Subsequently, Carr properly paid the entire debt outstanding of $90,000. What amounts may Carr recover from the cosureties?
Gray Pine
a. $0 $30,000
b. $0 $36,000
c. $15,000 $30,000
d. $30,000 $30,000
Answers: 1
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West promised to make Noll a loan of $180,000 if Noll obtained sureties to secure the loan. Noll ent...
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