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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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19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
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