Hey. I was going through the Wiley Questions and came across this one:
Dent Corporation received a loan from Jardine Finance Company. As part of the signed written agreement, Jardine required that one of the members of the board of directors of Dent Corporation act as a surety for the entire loan. The loan agreement also called for some of Dent’s real estate to be used as collateral for 50% of the loan. Which of the following is not correct?
The "correct answer" given by Wiley states:
Jardine may choose to proceed against the surety for the entire loan when the loan is due.
Isn't the creditor able to proceed against the surety immediately?