Simple English definitions for legal terms
Read a random definition: state of domicile
Real Suretyship: Real suretyship is when someone agrees to be responsible for a debt or failure of another person, but instead of paying money, they offer a specific property as collateral. This means that if the debtor cannot pay, the creditor can take the specified property instead of demanding money from the surety. Real suretyship is different from personal suretyship, where the surety is responsible for paying damages, and it is created voluntarily or by law.
Real suretyship is a legal term that refers to a situation where a person assumes liability for a debt or default of another person. This means that if the second person fails to pay their debt, the first person will be responsible for it. Real suretyship is different from personal suretyship, where the surety is answerable in damages.
These examples illustrate how real suretyship works. In both cases, the surety (John and the lender) assumes liability for the debt of another person (John's friend and the borrower). However, in real suretyship, the surety is not liable for damages, but the specified property can be taken as collateral.