Simple English definitions for legal terms
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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.
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:
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.