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20 May, 19:58

Ivor borrowed $420,000 from Lear Bank. At Lear's request, Ivor entered into an agreement with Ash, Kane, and Queen for them to act as co-sureties on the loan. The agreement between Ivor and the co-sureties provided that the maximum liability of each co-surety was: Ash, $84,000; Kane, $126,000; and Queen, $210,000. After making several payments, Ivor defaulted on the loan. The balance was $280,000. If Queen pays $210,000 and Ivor subsequently pays $70,000, what amounts may Queen recover from Ash and Kane?

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  1. 20 May, 22:42
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    what amounts may Queen recover from Ash and Kane?

    Ash 56000

    Kane 84000

    Explanation:

    Ivor Borrowed 420000

    Ash 84000 20,00%

    Kane 126000 30,00%

    Queen 210000 50,00%

    420000

    Ash 56000 40,00%

    Kane 84000 60,00%

    Queen 210000

    Ivor 70000

    280000

    140000
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