Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

suretyship

Read a random definition: stranger

A quick definition of suretyship:

Suretyship is when one person promises to pay for someone else's debt or mistake. This means that both people are responsible for the debt or mistake at the same time. The purpose of suretyship is to protect against loss if the person who owes the debt cannot pay it back. There are different types of suretyship, such as when someone offers their property as a guarantee or when the law creates the suretyship.

A more thorough explanation:

Suretyship is a legal relationship where one party agrees to take responsibility for a debt, default, or other failure of another party. This means that both parties become liable for the debt at the same time. There are different types of suretyship:

  • Involuntary suretyship: This type of suretyship arises incidentally when the main purpose of the contract is to achieve some other goal.
  • Personal suretyship: In this type of suretyship, the surety is responsible for paying damages if the debtor defaults.
  • Real suretyship: This type of suretyship allows specified property to be taken, but the surety is not responsible for paying damages.
  • Suretyship by operation of law: This type of suretyship is created by the law when a third party promises to assume and pay the debt owed by a debtor to a creditor.
  • Voluntary suretyship: This type of suretyship is created when the main purpose of the contract is to make one party a surety.

For example, if a person wants to rent an apartment but does not have a good credit score, they may need a surety to guarantee that they will pay the rent on time. The surety would become liable for the rent if the tenant fails to pay. This is an example of personal suretyship.

surety company | surface

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
[] 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.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
LSD+ is ad-free, with DMs, discounts, case briefs & more.