Surety

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Related to for a surety: surety bond

Surety

An individual or corporation that guarantees the performance or actions of another.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

surety

One who guarantees the performance of another.Contrast with a simple guarantee,which is an agreement to pay money if another does not pay money due.A surety,on the other hand,may have to pay money or undertake the responsibility to complete a project.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.