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LSDefine

Simple English definitions for legal terms

compensated surety

Read a random definition: incite

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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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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