suretyship

[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

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
surety (ˈʃʊətɪ, ˈʃʊərɪtɪ)
 
n , pl -ties
1.  a person who assumes legal responsibility for the fulfilment of another's debt or obligation and himself becomes liable if the other defaults
2.  security given against loss or damage or as a guarantee that an obligation will be met
3.  obsolete the quality or condition of being sure
4.  obsolete a means of assurance or safety
5.  stand surety to act as a surety
 
[C14: from Old French seurte, from Latin sēcūritāssecurity]
 
'suretyship
 
n

Collins English Dictionary - Complete & Unabridged 10th Edition
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Example sentences
It is not intended to cover claims involving workers' compensation, fidelity,
  suretyship or boiler and machinery insurance.
One must consult the law of suretyship to determine whether an obligation is
  secondary.
Thus there is less need for cautionary or evidentiary formality than in other
  cases of suretyship.
Labor relations, employment law, all aspects of the law involving the
  construction industry and suretyship law.
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