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Home » Law Dictionary » S » SURETY

SURETY

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

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.

Law Dictionary – Alternative Legal Definition

A surety is one who at the request of another, and for the purpose of securing to him a benefit, becomes responsible for the performance by the latter of some act In favor of a third person, or hypothecates property as security therefor. Civ. Code Cal.

Related Posts:

  • GUARANTOR
  • DAMNIFICATION
  • SURETYSHIP
  • EXPROMISSOR
  • INDUTLGENCE
  • EXPROMMISSOR

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