In French law. A party desirous of repurchasing property at auction before the court can, by offering one-tenth or one-sixth, according to the case, in addition to the price realized at the sale, oblige the property to be put up once more at auction. This bid upon a bid is called a "aurenchere." Arg. Fr. Merc Law, 575. … [Read more...]

estates, conveyancing. A yielding up of an estate for life or years to him who has an immediate estate in reversion or remainder, by which the lesser estate is merged in the greater by mutual agreement, Co. Litt. 337, b. 2. A surrender is of a nature directly opposite to a release; for, as the latter operates by the greater estate descending upon the less, the former is the … [Read more...]

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 … [Read more...]

To surrender property as a result of a law, for example, the termination of a lease and surrender of the property by the tenant. … [Read more...]

A bond that is issued by a surety who guarantees performance should the obligated party fail to meet its obligations. … [Read more...]