Surety

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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.
References in periodicals archive ?
The specific goal of this article is to compare the legal regimes attaching to suretyship and solidarity in order to determine whether one or the other may be helpful in understanding the relations that arise between parties to an imperfect delegation.
Where suretyship by which the future obligation is secured is contracted for a fixed period, it terminates on the day of maturity of the time-limit of suretyship if the obligation did not arise before the expiration of this time-limit.
It's a bonded job!", perhaps that is just when a little extra effort to verify corporate suretyship could save you and your company much distress and loss by avoiding the old "new" trap of personal sureties.
The last published textbook on suretyship remained the fifth edition of The Law of Suretyship, by Steams, published in 1951.
Absent a clear legislative directive, the court concluded that suretyship, as historically understood in the insurance and suretyship fields, does not constitute the business of insurance under Article 21.21.