surety

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Related to sureties: guarantor, suretyship

Surety

An individual who undertakes an obligation to pay a sum of money or to perform some duty or promise for another in the event that person fails to act.

surety

n. a guarantor of payment or performance if another fails to pay or perform, such as a bonding company which posts a bond for a guardian, an administrator, or a building contractor. Most surety agreements require that a person looking to the surety (asking for payment) must first attempt to collect or obtain performance from the responsible person or entity. (See: guarantor, bond)

surety

(Certainty), noun absolute confidence, affirmance, affirmation, aplomb, ascertainment, assurance, assuredness, averment, avowal, avowance, certain knowledge, certification, certitude, commlete conviction, confirmation, contract, conviction, declaration, definiteness, determination, earnest averrent, earnest avowal, earnest declaration, firmness, guaranty, hardihood, persuasion, positiveness, reassurance, reliance on, self-assurance, self-conviction, solemn averment, solemn avowal, solemn declaration, unequivocalness, unmistakableness, vow, warrant

surety

(Guarantor), noun attester, backer, certifier, confirmer, consignee, endorser, financer, indemnitor, promisor, ratifier, signatory, signer, sponsor, supporter, underwriter, voucher, warrantor
Associated concepts: surety bond, surety company, surety insurance, surety of the peace
Foreign phrases: In veram quantitatem fidejussor teneatur, nisi pro certa quantitate accessit.A surety should be held for the true quantity, unless he agreed for a certain quantity. Natura fide jussionis sit strictissimi juris et non durat vel extendatur de re ad rem, de persona ad perronam, de tempore ad tempus. The nature of a suretyship is one of strictest law and cannot endure or be extended from one thing to another, from one person to another, or from one time to another.
See also: accommodation, assurance, backing, bail, bond, certainty, certitude, confidence, coverage, credence, deposit, faith, guaranty, insurance, insurer, pledge, recognizance, safeguard, security, sponsor, warrant

surety

a guarantor of another's obligation.

SURETY, contracts. A person who binds himself for the payment of a sum of money or for the performance of something else, for another, who is already bound for the same. A surety differs from a guarantor, and the latter cannot be sued until after a suit against the principal. 10 Watts, 258.
     2. The surety differs from bail in this, that the latter actually has, or is by law presumed to have, the custody of his principal, while the former has no control over him. The bail may surrender his principal in discharge of his obligation; the surety cannot be discharged by such surrender.
     3. In Pennsylvania it has been decided that the creditor is bound to sue the principal when requested by the surety, and the debt is due; and that when proper notice is given by the surety that unless the principal be sued, be will consider himself discharged, he will be so considered, unless the principal be sued. 8 Serg. & Rawle, 116; 15 Serg. & Rawle, 29, 30; S. P. in Alabama, 9 Porter, R. 409. But in general a creditor may resort to the surety for the payment of his debt in the first place, without applying to the principal. 1 Watts, 28O; 7 Ham. part 1, 223. Vide Bouv. Inst. Index, h.t.; Contribution; Contracts; Suretyship.

References in periodicals archive ?
Given the consolidation among the top-tier sureties, regional and niche surety markets are finding that the middle market is the one area where their capital structures allow them to compete.
These and other large users of surety credit could also be adversely affected by one or more of the top-20 sureties exiting the business, such as XL Insurance's Surety business, the 15th largest surety, did in 2005.
Building strong relationships with a broker who understands the niche specialty that is surety and working to build long-term relations with the sureties will benefit your bonding program.
As a result, sureties may be asked to co-participate more in the excess-of-loss programs.
Along with technical developments, experts see movement on other fronts for sureties.
On February 11, 2002, Barron's published an article detailing Actrade's questionable lending practices and its alleged misrepresentations and omissions to insurers and sureties.