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LSDefine

Simple English definitions for legal terms

compensated surety

Read a random definition: leet

A quick definition of compensated surety:

Compensated Surety: A person who promises to pay someone else's debt or do something for them if they can't do it themselves. Unlike an insurance company, a compensated surety usually doesn't get paid for taking on this responsibility. They are different from a guarantor because they are directly responsible for the debt or obligation.

A more thorough explanation:

A compensated surety is a person who is primarily responsible for paying off someone else's debt or fulfilling their obligations. Unlike an insurer, a compensated surety receives payment for assuming liability. This is different from a guarantor, who is only liable to the creditor if the debtor fails to meet their obligations. The compensated surety is directly liable.

For example, if a contractor hires a subcontractor to complete a project, the contractor may require the subcontractor to provide a compensated surety bond. This bond ensures that the subcontractor will fulfill their obligations, and if they fail to do so, the surety will pay for any damages or losses incurred by the contractor.

Another example is when a person is released on bail. The bail bondsman acts as a compensated surety, ensuring that the person will appear in court. If the person fails to appear, the bondsman is responsible for paying the full bail amount.

These examples illustrate how a compensated surety assumes liability and is responsible for fulfilling the obligations of another person.

compensate | compensating balance

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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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