surety


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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 ?
Moylan said the losses appear to be coming from the contract surety side, one of the market's two separate product lines.
buySAFE qualifies merchants, identifies reputable online businesses with the buySAFE Seal, and uses surety bonds to provide broad protection for individual buyers from online transaction risks.
Project owners were the victors recently when the New York Supreme Court ruled against a surety that sought to avoid its obligations under a performance bond by claiming that the bonded design-build contract was illegal.
South Coast Surety's in-house Sub-Standard and Non-Standard commercial surety operation is able to provide approvals up to $100,000 for applicants that have had credit problems.
As with the many special surety bond programs South Coast Surety has established through the years, this new On-Line Fast Application program is the first of its kind in the scope and speed in which it operates.
In addition to preserving that revenue, WorldCom said MG's surety facility could help it to generate an additional $500 million to $1 billion in new business.
For any and all surety bond support you can contact South Coast Surety through the above websites or contact them direct at 1-800-361-1720.
A spokesperson from Lexon Surety Group commented on the recognition: "This is quite an honor for us.
Dunbar has further demonstrated his commitment to the surety industry through his presentations to students, accountants, bankers, and other construction audiences.