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Simple English definitions for legal terms

real suretyship

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A quick definition of real suretyship:

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.

A more thorough explanation:

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.

  • John agrees to be a real surety for his friend's car loan. If his friend fails to make the payments, the bank can take possession of the car, but John will not be liable for any damages.
  • Real estate can also be used as collateral for a loan, where the lender has a real suretyship over the property. If the borrower defaults, the lender can foreclose on the property.

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.

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omg ucla A was that today??
ImpartialLion
15:11
Anybody know what a Yale II implies? I got one yesterday, but the conversion rate seems low.
splitterus i don't think so but at this rate who knows
yale ii is notoriously kinda random, there's rumors that because of higher applicant volume it might actually mean something this cycle tho. idk how valid that is
who knows anything jackfrost
ImpartialLion
15:18
Thanks for the insight! Hopefully it means something this year🙏🏽
for sure!! ur gonna do great :)
Dkk
15:46
Woo, it took almost 24 hours but my butthole is feeling good again! Just wanted to update y'all on my struggle.
[] baddestbunny
15:52
Ew
Dkk
15:56
Lmfao
soap
16:58
Thank you for the update
Dkk
17:04
Welcome.
Holding out strong for that 11 p.m. Sunday night wave.
soap
17:20
Do the admissions offices close on Veterans Day?
I think someone here was really interested in Cornell Law. I forgot their username now but I just talked to the Cornell admissions rep at the Houston LSAC fair and apparently 2/3 of people who interview at Cornell ultimately get in.
soap
17:21
Hello 🫡
soap
17:21
Thank you for your service, you’re a real one
soap
17:23
I wonder what it’s dependent on? Are the 2/3 chosen on stats, or interview performance, or more holistically?
I'm honestly not sure
[] baddestbunny
17:31
is Cornell a school where only people who interview get in?
I think so
She said historically a quarter get interview invites and then two thirds of those people get in.
soap
17:35
Did she say anything regarding if decisions will start to come out soon?
17:47
username changed
17:51
cockenheimer
17:56
when u boutta detonate some bomb dick u be like
17:56
cockenheimer
[] baddestbunny
17:57
sloppenheimer
17:58
*tips cap*
17:58
m'lady ahh gesture
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