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Simple English definitions for legal terms

subsuretyship

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A quick definition of subsuretyship:

Term: SUBSURETYSHIP

Definition: Subsuretyship is when someone agrees to be responsible for paying back a debt if the person who originally borrowed the money can't pay it back. It's like being a backup plan for the borrower.

A more thorough explanation:

Definition: Subsuretyship is a legal agreement where a person or company agrees to be responsible for paying back a debt if the primary guarantor is unable to do so.

Example: Let's say John takes out a loan from a bank to start a business. The bank requires him to have a guarantor in case he is unable to pay back the loan. John's friend, Tom, agrees to be the guarantor. However, the bank is still not satisfied and requires a subsurety. Tom then asks his brother, Mike, to be the subsurety. This means that if John is unable to pay back the loan, Tom will first be responsible for paying it back. If Tom is unable to pay, then Mike will be responsible for paying back the loan.

Explanation: This example illustrates how subsuretyship works in a practical situation. It shows how multiple parties can be involved in guaranteeing a loan and how subsuretyship provides an extra layer of security for the lender.

subsurety | subsurface interest

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JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
Dkk
9:07
@renard99: man, hard to find.
Dkk
9:07
@glovediedthisishismom: Congrats on the snow.
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