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14 July, 08:41

Which of the following documents one bank issue in order to secure a loan with your personal assets?

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  1. 14 July, 09:01
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    The document one bank issues in order to secure a loan with your personal assets is a Guarantee and surety agreement.

    Explanation:

    A Guarantee and Surety Agreement refers to an agreement as of an individual undertaking to the lender for warranting the obligation performance that an obligor enters into. The parties involved are the creditor or oblige and the guarantee and surety. To sum up, the guarantee and surety agreement in the midst of the surety and the creditor is an agreement that has diversity from the one in the midst of the lender and the principal obligator. The guarantee and surety agreement has the requisition of a valid main obligation. Without such obligation, there can be no probability of valid guarantee and surety. Additionally, when the main obligation terminates, simultaneously the guarantee ship and surety ship also ends.
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