[jeff]

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Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Kenada]

I would pick C because if i Understand this correctly, if you have surety you can either collect from the party you contracted with or the one that gave Surety-ship.

I am not confident in this subject though

FAR 05/27/14; 786/110 - Done !

[Kenada]

I would pick C because if i Understand this correctly, if you have surety you can either collect from the party you contracted with or the one that gave Surety-ship.

I am not confident in this subject though

FAR 05/27/14; 786/110 - Done !

[Anonymous]

They said the correct answer is B because, “Jardine has the right to proceed immediately against the surety for the full amount of the loan without needing to first seek remedies against the principal debtor, Dent, or the collateral.” So doesn't that mean this is a correct answer….Therefore, not the choice that is INCORRECT? I think the correct answer is C, because it says Jardine MUST first seek collection from Dent before resorting to the surety or collateral. Didn't they just say in the correct explanation for B that Jardine doesn't have to proceed against the principal debtor first? I think this is an error.

[Anonymous]

They said the correct answer is B because, “Jardine has the right to proceed immediately against the surety for the full amount of the loan without needing to first seek remedies against the principal debtor, Dent, or the collateral.” So doesn't that mean this is a correct answer….Therefore, not the choice that is INCORRECT? I think the correct answer is C, because it says Jardine MUST first seek collection from Dent before resorting to the surety or collateral. Didn't they just say in the correct explanation for B that Jardine doesn't have to proceed against the principal debtor first? I think this is an error.

[Kenada]

Yea that seems like C should be the answer and not B. I hope the others can chime in too.

FAR 05/27/14; 786/110 - Done !

[Kenada]

Yea that seems like C should be the answer and not B. I hope the others can chime in too.

FAR 05/27/14; 786/110 - Done !

[gataeagle]

I don't remember all the details of this subject as I took REG a couple of months ago, but the question says “The loan agreement also called for some of Dent’s real estate to be used as collateral for 50% of the loan”. The supposedly correct answer states “Jardine may choose to proceed against the surety for the entire loan when the loan is due.” Note the collateral for 50% of the loan in the question and the answer states the entire loan. I would double check that first. I can't remember if that has anything to do with it but that jumped out at me.

[gataeagle]

I don't remember all the details of this subject as I took REG a couple of months ago, but the question says “The loan agreement also called for some of Dent’s real estate to be used as collateral for 50% of the loan”. The supposedly correct answer states “Jardine may choose to proceed against the surety for the entire loan when the loan is due.” Note the collateral for 50% of the loan in the question and the answer states the entire loan. I would double check that first. I can't remember if that has anything to do with it but that jumped out at me.

[svwCPA72]

I believe the correct answer was B and not C. C says they MUST collect from Dent first. In B it says they can collect from the surety. My understand is that the creditor can collect from everyone. If the creditor collects from the surety, the surety can proceed to collect the money from the debtor after paying the creditor. I hope that helps.

@ cupcake, I'm in the same boat as you for the dream. I have wanted my CPA pretty much since 18 or 19. I got my undergrad and masters in accounting. I have a good accounting job and I just need to pass these stupid exams to move up in my company. I have been working on my CPA for 3 years and 2 months now and have nothing to show for it now. Hopefully Oct 2 is good to me. Good luck to everyone!

BEC: 80(8/10) expired, 77(10/14)!!!
FAR: 79(11/10) expired, 80(8/14)!!!
REG: 66(7/11), 70(1/12), 70(4/12), 73(10/13), 79(5/14)!!
AUD: 43(8/11), 64(10/11), 65(2/12), 69(7/12) 64(10/12), 73(5/13), 64(7/13), 84(11/13)!!! Thank you Another71 for your help!

Becker, Ninja Notes, Audio, Flashcard and Wiley test bank
Yaeger and Wiley book for Audit

I AM DONE!!!!

[svwCPA72]

I believe the correct answer was B and not C. C says they MUST collect from Dent first. In B it says they can collect from the surety. My understand is that the creditor can collect from everyone. If the creditor collects from the surety, the surety can proceed to collect the money from the debtor after paying the creditor. I hope that helps.

@ cupcake, I'm in the same boat as you for the dream. I have wanted my CPA pretty much since 18 or 19. I got my undergrad and masters in accounting. I have a good accounting job and I just need to pass these stupid exams to move up in my company. I have been working on my CPA for 3 years and 2 months now and have nothing to show for it now. Hopefully Oct 2 is good to me. Good luck to everyone!

BEC: 80(8/10) expired, 77(10/14)!!!
FAR: 79(11/10) expired, 80(8/14)!!!
REG: 66(7/11), 70(1/12), 70(4/12), 73(10/13), 79(5/14)!!
AUD: 43(8/11), 64(10/11), 65(2/12), 69(7/12) 64(10/12), 73(5/13), 64(7/13), 84(11/13)!!! Thank you Another71 for your help!

Becker, Ninja Notes, Audio, Flashcard and Wiley test bank
Yaeger and Wiley book for Audit

I AM DONE!!!!

[Qlad]

@cupcake…just read ur question….doesn't the question says “Which of them is NOT correct”? so B must be right?

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Qlad]

@cupcake…just read ur question….doesn't the question says “Which of them is NOT correct”? so B must be right?

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Anonymous]

Sorry, the question is confusing. I think A, B, and D are correct statements and C is an incorrect statement.

[Anonymous]

Sorry, the question is confusing. I think A, B, and D are correct statements and C is an incorrect statement.

[Qlad]

@ cupcake… these r the choices u gave…

A- If Jardine recovers more than half of the loan amount upon resale of the collateral, Jardine must pay the excess to Dent.

B- Jardine may choose to proceed against the surety for the entire loan when the loan is due.

C- When the loan is due, Jardine must first seek collection of the loan from Dent before resorting to the surety or the collateral.

D- When the loan is due, if the collateral does not contribute to half of the loan, Jardine may seek to recover the entire remainder from the surety without resorting to the corporation.

A is correct bcoz…surety was on only 50% of loan…so excess of %0% must be returned…

C is correct…bcoz…he must go after the principle debtor before going to the surety…

D is correct bcoz..collateral did not pay off…so surety is liable to pay now…creditor has no option..

B is th only one that is INCORRECT…bcoz…creditor can't go to surety first…he must go to principal debtor first..

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Author]

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