Definitions for suretyˈʃʊər ɪ ti, ˈʃʊər ti, ˈʃɜr-
This page provides all possible meanings and translations of the word surety
something clearly established
property that your creditor can claim in case you default on your obligation
"bankers are reluctant to lend without good security"
a prisoner who is held by one party to insure that another party will meet specified terms
guarantor, surety, warrantor, warranter(noun)
one who provides a warrant or guarantee to another
a guarantee that an obligation will be met
A promise to pay a sum of money in the event that another person fails to fulfill an obligation.
One who undertakes to pay money or perform other acts in the event that his principal fails therein.
Origin: From seurté, from securitas, securitatem.
the state of being sure; certainty; security
that which makes sure; that which confirms; ground of confidence or security
security against loss or damage; security for payment, or for the performance of some act
one who is bound with and for another who is primarily liable, and who is called the principal; one who engages to answer for another's appearance in court, or for his payment of a debt, or for performance of some act; a bondsman; a bail
hence, a substitute; a hostage
evidence; confirmation; warrant
to act as surety for
Origin: [OE. seurte, OF. sert, F. sret. See Sure, Security.]
A surety, surety bond or guaranty, in finance, is a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults. The person or company that provides this promise, is also known as a surety or guarantor. The situation in which a surety is most typically required is when the ability of the primary obligor or principal to perform its obligations to the obligee under a contract is in question, or when there is some public or private interest which requires protection from the consequences of the principal's default or delinquency. In most common law jurisdictions, a contract of suretyship is subject to the Statute of Frauds and is only enforceable if recorded in writing and signed by the surety and the principal. In the United States, a surety bond may be required for certain federal projects due to the Miller Act; in addition, many states have adopted their own "Little Miller Acts". The surety transaction will typically involve a producer, and in the United States the National Association of Surety Bond Producers is a trade association which represents this group. If the surety is required to pay or perform due to the principal's failure to do so, the law will usually give the surety a right of subrogation, allowing the surety to "step into the shoes of" the principal and use his contractual rights to recover the cost of making payment or performing on the principal's behalf, even in the absence of an express agreement to that effect between the surety and the principal.
Images & Illustrations of surety
Translations for surety
From our Multilingual Translation Dictionary
Get even more translations for surety »
Find a translation for the surety definition in other languages:
Select another language: