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 ?
Further insurer consolidation involving the larger sureties, such as the speculation of a merger between St.
All state insurance departments require surety registration and perform background checks on the principals of corporate sureties, as well as set minimum corporation capital requirements and deposits with the state for the protection of claimants.
While a particular personal surety may appear strong at the time you analyze him or her, past experience shows that personal sureties, without such regulation, cannot usually perform claims-handling or timely resolution of project difficulties to the degree that corporate sureties can.
Many state insurance departments also publish a listing of sureties licensed to write bonds in their state.
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.
In the old Restatement, "uncompensated" sureties were discharged automatically by an extension or modification, while "compensated" sureties were discharged to the extent of the loss caused by the extension or modification.
Although strictissimi juris is no longer a recognized principle of construction, the shifting of this burden in the case of uncompensated surety would result in stricter adherence to the terms of the original undertaking for these sureties.
They may be slight variations which by the technical rules which have prevailed in respect to non-compensated sureties would discharge them, although not in fact disadvantageous to the surety.
Sureties seeking to assert the premature payment or overpayment defense have been frustrated by the lack of plain authority approving this type of claim.
The financial guarantee transactions are transactions in which professional sureties enter the other world of suretyship.
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.