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suretyship - 4 dictionary results

sur⋅e⋅ty⋅ship

[shoor-i-tee-ship, shoor-tee-, shur-i-tee-, shur-tee-]
–noun Law.
the relationship between the surety, the principal debtor, and the creditor.

Origin:
1525–35; surety + -ship
sur·e·ty   (shŏŏr'ĭ-tē)   
n.   pl. sur·e·ties
  1. The condition of being sure, especially of oneself; self-assurance.
  2. Something beyond doubt; a certainty.
  3. A pledge or formal promise made to secure against loss, damage, or default; a security.
  4. One who has contracted to be responsible for another, especially one who assumes responsibilities or debts in the event of default.

[Middle English surte, from Old French, from Latin sēcūritās, from sēcūrus, sure; see secure.]
sur'e·ty·ship' n.

Suretyship

Sure"ty*ship\, n. The state of being surety; the obligation of a person to answer for the debt, default, or miscarriage of another. --Bouvier.

Main Entry: sure·ty·ship
Function: noun
: the contractual relationship in which a surety engages to answer for the debt or default of a principal to a third party
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