The ___________ clause provides that when there is more than one signatory to the loan, each...
- The ___________ clause provides that when there is more than one signatory to the loan, each individual signing the debt is completely responsible for the entire loan.
- Good repair
- Acceleration
- Joint and severalty
- Borrower’s right of reinstatement
Homework Answers
c.Joint and severalty.
The joint and severalty clause means that when there is more than one signatory to the loan, each individual signining the debt is completely responsible for the entire loan.
So the bank can recover the loan fully from any one of the signee.
The person from whom the loan is recovered in full will get the right to recover it from other signee.
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