Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

Surety

Read a random definition: asylum

A quick definition of Surety:

Surety: A person who promises to take responsibility for someone else's debt. When someone borrows money, the lender may ask for a surety to also sign the agreement. This means that if the borrower can't pay back the loan, the surety will have to pay instead. It's like having a backup plan in case something goes wrong.

A more thorough explanation:

Definition: A surety is a person who takes on the responsibility of paying back a debt if the original borrower cannot. They are often required by financial creditors to sign a loan agreement along with the borrower. Unlike a guarantor, a surety's liability begins as soon as the agreement is signed.

When John wanted to take out a loan to start his business, the bank required him to find a surety. His friend, Sarah, agreed to be his surety and signed the loan agreement with him. If John is unable to pay back the loan, the bank can go after Sarah for the money.

Another example is when a landlord requires a tenant to have a surety before renting out a property. The surety would be responsible for paying any damages or unpaid rent if the tenant fails to do so.

These examples illustrate how a surety takes on the financial responsibility of another person's obligation. They are essentially a backup plan for the creditor in case the borrower cannot fulfill their obligations.

surcharge | Surety bond

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
THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
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
LSD+ is ad-free, with DMs, discounts, case briefs & more.