Video: Surety Rights

In this lesson, Nick Palazzolo, CPA, delves into the legal intricacies of suretyship, breaking down the rights of a surety within various debtor-creditor scenarios. By examining situations where co-sureties are involved, he demonstrates how the financial responsibility gets divided among them, especially when dealing with defaults and bankruptcy. Nick also clarifies the key differences between sureties and co-sureties, such as the right of contribution and the nuances of exoneration and subrogation. Through practical examples, the complexity of these relationships is made tangible, granting insight into scenarios that require sureties to seek reimbursement or step into the shoes of creditors to maintain their own financial equilibrium.