Frank and Foreman are principals of Franky Foreman Industries. The company needed a loan but could not pledge any collateral. Therefore, Franky and Foreman gave a personal guaranty for the loan. Which statement below is correct?
Multiple Choice
Frank and Foreman have pledged only their interest in Frank Foreman Industries.
Frank and Foreman have pledged their personal assets.
Frank and Foreman have no personal liability.
Frank and Foreman a secured debtor.