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Surety |
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Surety An individual or corporation that guarantees the performance or actions of another. Surety A sum of money or the guarantee by a third party that a loan or credit extension will be paid. This reduces the risk the lender will lose the money he/she has distributed in the loan. For example, a third party may sign an agreement with the lender with the condition that if the borrower fails to repay the loan, the third party will assume legal liability for it. Often, persons with poor credit cannot receive a loan without surety. See also: Guarantee, Lien. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| ? Mentioned in | ? References in periodicals archive | |
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170 charitable contribution deductions and the use of
an exempt entity as an accommodation party in a transaction that will
shift tax benefits. * The accommodation party must hold legal title to the property
[during the transaction] and also hold other indicia of ownership that
are recognized under commercial law, such as a contract for deed. On the taxpayer's behalf, an accommodation party purchased
property intended to be replacement property for the park property. |
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