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.

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.

References in periodicals archive ?
The playwright John Mason and one John Cooke stood surety to the loan.
As well as being a major shareholder, he's lent them pounds 11 million, mostly to buy players, and has stood surety for pounds 8 million of loans.
A major shareholder in the club, he's invested more than pounds 10 million and stood surety for another pounds 8 million of loans.