Detailed Answer
(d) Cosureties are jointly and severally liable to the
creditor up to the amount of liability each agreed to. If a cosurety
pays more than his/her proportionate share of the debt, s/he
may seek contribution from the other cosureties for the excess.
Answer (a) is incorrect because the right of exoneration refers to
the surety requiring the debtor to pay the debt when able. Answer
(b) is incorrect because subrogation refers to the right of the
surety to obtain the same rights against the debtor that the creditor
had, once the surety pays the creditor. Answer (c) is incorrect
because the right of reimbursement allows the surety to recover
payments from the debtor that the surety has made to the creditor.
