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surety

play
noun sure·ty \ˈshu̇r(-ə)-tē\

Simple Definition of surety

  • law : money that you give as a guarantee that you will do what you are legally required to do (such as to appear in court)

  • law : someone who agrees to be legally responsible if another person fails to pay a debt or to perform a duty

  • : the state of being or feeling sure or certain

Source: Merriam-Webster's Learner's Dictionary

Full Definition of surety

plural sureties

  1. 1 :  the state of being sure: asa :  sure knowledge :  certaintyb :  confidence in manner or behavior :  assurance

  2. 2a :  a formal engagement (as a pledge) given for the fulfillment of an undertaking :  guaranteeb :  a basis of confidence or security

  3. 3 :  one who has become legally liable for the debt, default, or failure in duty of another

suretyship play \-ˌship\ noun

Examples of surety in a sentence

  1. As sureties, they will be liable in his place.

  2. <gave his surety that he would pay back the loan if his sister was unable to for any reason>



Origin of surety

Middle English seurte, from Anglo-French seurté, from Latin securitat-, securitas security, from securus


First Known Use: 14th century

Rhymes with surety


Law Dictionary

surety

play
noun sure·ty \ˈshu̇r-ə-tē\

Legal Definition of surety

plural sureties

  1. 1 :  a formal engagement (as a pledge) given for the fulfillment of an undertaking

  2. 2 :  one (as an accommodation party) who promises to answer for the debt or default of another



Additional Notes on surety

At common law a surety is distinguished from a guarantor by being immediately liable as opposed to becoming liable only upon default of the principal. Under the Uniform Commercial Code, however, a surety includes a guarantor, and the two terms are generally interchangeable.

Origin of surety

Anglo-French seurté, literally, guarantee, security, from Old French, from Latin securitat- securitas, from securus secure




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