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LSDefine

Simple English definitions for legal terms

Surety

Read a random definition: County government - State statutes

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

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WorthlessAttractiveZombie
14:26
keep swinging until you hear a bell
14:27
im from the future
14:27
kamala wins
14:27
276-262
I think she will too lol
WorthlessAttractiveZombie
14:27
since you're from the future, will fordham release today
14:28
no
WorthlessAttractiveZombie
14:28
fuck alright
14:28
not this week
14:28
dont even get ur hopes up u fool im from the year 2076
TheMidwestMonger
14:28
I'm terrified with how the world will react to Trump losing
WorthlessAttractiveZombie
14:28
damn, next question: should i eat the cheese that's been in my fridge for 3 weeks?
14:28
im pretty sure the world is gonna rejoice??
14:29
yes it is the key to immortality
TheMidwestMonger
14:29
Sorry, I meant the far right and their reaction lol
I live in alabama if she wins it's gonna be crazy here
14:30
same as last time whine that it was rigged go to court lose every time
good thing im bouncing next year
oh yeah
JumpySubsequentDolphin
14:31
why won’t ASU send my scholly info ☹️
WorthlessAttractiveZombie
14:31
they sent mine about 3 hours after i got the initial acceptance video thing
I just wanna hear back from them
14:31
the adcomm office got there at 10 am took a two hour lunch at 12 and left at 3:30 -- trust me im from the year 2076
lol
WorthlessAttractiveZombie
14:32
lavender, they should usually get back within a month of going complete
okie doke, thank u!
JumpySubsequentDolphin
14:35
@WorthlessAttractiveZombie: good to know! I thought I missed SMTH bc someone told me they got their admissions packet before the video lol
BulbasaurNoLikeCardio
14:35
I got school that have me under review for over a month... just hope it puts me in their first wave of As
TackyProudYogurt
14:39
Anyone know if asu releases decisions all at once or if they trickle out throughout the day?
WorthlessAttractiveZombie
14:39
I'm pretty sure it's a trickle because they send you a personalized video too
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