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LSDefine

Simple English definitions for legal terms

cosuretyship

Read a random definition: on the merits

A quick definition of cosuretyship:

Term: Cosuretyship

Definition: Cosuretyship is when two or more people promise to pay for the same thing if the person who is supposed to pay doesn't. They are all responsible for any money that is lost if the person doesn't pay.

A more thorough explanation:

Cosuretyship

Cosuretyship is a legal term that refers to the relationship between two or more sureties who are jointly responsible for any loss resulting from the principal's default. In other words, cosureties are bound to answer for the same duty of the principal.

For example, let's say that John, Jane, and Jack are cosureties for a loan that their friend, Tom, took out from a bank. If Tom defaults on the loan, the bank can hold John, Jane, and Jack equally responsible for the debt. This means that if Tom cannot pay back the loan, John, Jane, and Jack will have to pay it back instead.

Another example of cosuretyship is when two or more people co-sign a lease for an apartment. If one of the co-signers fails to pay their portion of the rent, the other co-signers are responsible for covering the missing amount.

Cosuretyship is a legal concept that is often used in situations where multiple parties are responsible for the same obligation. The examples provided illustrate how cosureties can be held jointly responsible for a debt or obligation if the principal defaults. This means that cosureties must trust each other and have confidence in the principal's ability to fulfill their obligations, as any default can result in financial loss for all parties involved.

cosurety | cotarius

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9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
Mich overrated (Dean Z please let me in even tho i didnt apply and I am below both 25ths)
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