Business, 17.04.2020 18:50 sierraroeser

"Anna Park owed Bill Collins $1,000 and $2,000, respectively, on two separate unsecured obligations. Smythe Co. had become a surety on the $2,000 debt at the request of Parkwhen Park became indebted to Collins. Both debts matured on June 1. Park was able to pay only $600 at that time, and she forwarded that amount to Collins without instructions. Under these circumstances,

A. Collins must apply the funds pro rata in proportion to the two debts.
B. Collins must apply the $600 to the $2,000 debt because there is a surety on it.
C. Smythe will be discharged to the extent of $400 if Collins on request of Smythe fails to apply $400 to the $2,000 debt.
D. Collins is free to apply the $600 to the debts as he sees fit."

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"Anna Park owed Bill Collins $1,000 and $2,000, respectively, on two separate unsecured obligations....

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