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
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.