The conversation between human and AI assistant.
Is there term for multiple creditors of loan, among whom one repay bad loan to the other?
Could you give me an example of when subrogation might occur?
Sure! Let's say that you have borrowed money from three different lenders. If you default on the loan, one of the lenders might step in and pay off the debt on your behalf. That lender would then have the right to collect on the debt instead of the other two lenders.