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LSDefine

Simple English definitions for legal terms

cosurety

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A quick definition of cosurety:

Term: COSURETY

Definition: A cosurety is a person who shares the responsibility of paying off someone else's debt or fulfilling their obligation with another person. This means that if the person who owes the debt or obligation cannot pay, the cosureties are both responsible for paying it off. A cosurety is different from a guarantor because they are directly liable, and they often do not receive any compensation for assuming this responsibility.

A more thorough explanation:

A cosurety is a person who shares the cost of performing suretyship obligations with another. In other words, a cosurety is someone who agrees to be responsible for paying off someone else's debt or fulfilling their obligations along with another person.

For example, let's say that John and Jane are both cosureties for a loan that their friend, Bob, took out. If Bob is unable to pay back the loan, both John and Jane are responsible for paying it off. They share the cost of fulfilling the obligation as cosureties.

Another example could be in a construction project where multiple contractors are hired to complete different parts of the project. Each contractor may have a cosurety who shares the cost of fulfilling their obligations in case they are unable to complete their part of the project.

These examples illustrate how a cosurety is someone who shares the responsibility of fulfilling an obligation with another person. They are both equally responsible for fulfilling the obligation, and if one person is unable to do so, the other person must step in to cover the cost.

costs to abide event | cosuretyship

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I got one answer so far from Mizzou and I was WL'ed but hey it's not the end it's just the beginning
that was Friday
WorthlessAttractiveZombie
14:26
keep swinging until you hear a bell
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im from the future
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kamala wins
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276-262
I think she will too lol
WorthlessAttractiveZombie
14:27
since you're from the future, will fordham release today
14:28
no
WorthlessAttractiveZombie
14:28
fuck alright
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not this week
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dont even get ur hopes up u fool im from the year 2076
TheMidwestMonger
14:28
I'm terrified with how the world will react to Trump losing
WorthlessAttractiveZombie
14:28
damn, next question: should i eat the cheese that's been in my fridge for 3 weeks?
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im pretty sure the world is gonna rejoice??
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yes it is the key to immortality
TheMidwestMonger
14:29
Sorry, I meant the far right and their reaction lol
I live in alabama if she wins it's gonna be crazy here
14:30
same as last time whine that it was rigged go to court lose every time
good thing im bouncing next year
oh yeah
JumpySubsequentDolphin
14:31
why won’t ASU send my scholly info ☹️
WorthlessAttractiveZombie
14:31
they sent mine about 3 hours after i got the initial acceptance video thing
I just wanna hear back from them
14:31
the adcomm office got there at 10 am took a two hour lunch at 12 and left at 3:30 -- trust me im from the year 2076
lol
WorthlessAttractiveZombie
14:32
lavender, they should usually get back within a month of going complete
okie doke, thank u!
JumpySubsequentDolphin
14:35
@WorthlessAttractiveZombie: good to know! I thought I missed SMTH bc someone told me they got their admissions packet before the video lol
BulbasaurNoLikeCardio
14:35
I got school that have me under review for over a month... just hope it puts me in their first wave of As
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