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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

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)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

surety

a guarantor of another's obligation.
Collins Dictionary of Law © W.J. Stewart, 2006

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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
Deputy registrar of the Lagos division shall verify all documents submitted by the defendant and sureties and pending the perfection of bail, the defendant shall be remanded in prison custody at Ikoyi prison.'
She fixed March 28 for the hearing of the motions filed by the sureties to challenging the duties imposed on them to produce the IPOB leader.
Sureties are typically "ordinary people in the community" who have a strong moral character, some form of monetary/physical assets (e.g., an owned home, a vehicle, savings, etc.), demonstrated rapport with the accused, and good supervisory skills (Myers 2009:128).
He represents a wide variety of businesses involved in the construction industry including owners, developers, design professionals, general contractors, subcontractors, suppliers and sureties. Allen has extensive experience negotiating contracts on behalf of his clients.
Although sureties exist in different forms, (46) the central tenet of surety agreements is consistent throughout: the surety has a contractual obligation to satisfy the debtor's promise if the debtor defaults.
When measuring working capital, sureties typically discount riskier assets, such as aged and/or related-party receivables and prepaid expenses.
Overreliance on sureties to save the day is simply not a good, risk-averse practice, even if many act like it is.
Earlier in its oral submission, the State told the court that it has no objection to filing of fresh sureties. As per Section 444 of Criminal Procedure Code, the magistrate has the power to accept it.
In an effort to limit exposure on a single account, many sureties have dramatically reduced the aggregate bond programs that they are willing to provide to an individual risk.
"You've got reinsurers dictating some things, as well as senior management of some insurance companies, because many sureties are departments or divisions of an insurance carrier," he said.
The Defence Counsel, Mrs Innocentia Akhigbe, who pleaded for the bail of the accused in a most liberal term, pledged that her client would not jump bail but would produce substantial sureties.