Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

cosuretyship

Read a random definition: refreshing memory

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

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
and ofc, good luck :)
15:24
Holiday messages from law schools should be illegal
jackfrost11770
15:27
the cornell one actually gave me a heart attack no joke
15:28
@KnowledgeableRitzyWasp: Thanks! Will def update you as they come out hahaha
CynicalOops
16:09
No one cares about me the way western new england cares about me
shaquilleoatmeal
17:16
gulc sending me a "Thank you for your continuing patience" almost has me shitting myself like the dude who hiked Acatanengo volcano
18:09
i’m wishing you guys happy holidays in a more sincere and genuine and heartfelt way than any of the law schools and also giving u a little kiss on the cheek
18:10
just btw
shaquilleoatmeal
18:15
😚
1a2b3c4d26z
18:25
Hi everyone
1a2b3c4d26z
18:26
Only a few more hours til work is over then I'm off for the rest of the week
Dkk
18:48
@shaquilleoatmeal: man GULC didn't even send me that lol.
Dkk
18:53
@cheriebomb: thank you. Merry Christmas and happy Hannukka.
Dkk
18:54
Hanukka*
Dkk
18:54
And Happy Ramadan and Kwanza
Dkk
18:55
Aww Ramadan ain't till February. Never mind.
CynicalOops
19:00
Chanukka
shaquilleoatmeal
19:20
@Dkk: when did u apply? seems to be late oct apps who got the email, some interview some who have not
19:58
when u nut but she keep suckin
Dkk
19:59
@shaquilleoatmeal: October 31st!
Dkk
20:00
I probably applied peak middle of the cycle so they just have not gotten to me.
20:04
Well It's 5 PST so I guess we wont hear from any schools until the new year
shaquilleoatmeal
20:11
ah thats exactly when my app when complete and it seemed like right after that they stopped doing interview invited up until last week
shaquilleoatmeal
20:11
went complete *
shaquilleoatmeal
20:12
theyll get to ya bud, feel like this email was their way of tellin me to stop tweakin, mustve seen me on here everyday beginnin for a gulc a lol
20:14
They are probably watching to see how many time you clock the status checker
Dkk
20:29
@shaquilleoatmeal: I got a christmas card from william and mary so I am happy about that.
Dkk
20:29
@shaquilleoatmeal: Indeed, I just hope GULC likes the video I sent them.
shaquilleoatmeal
20:35
lmao yea i check the status checker 1-2x a week, would be more if i didnt know ad coms can see how often you check
20:40
Idk I don't see why it would affect admissions just bc you check a status checker provided to you
LSD+ is ad-free, with DMs, discounts, case briefs & more.