Suretyship


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Suretyship

 

(1) In civil law, one of the methods of ensuring fulfillment of obligations. The surety, or guarantor, assumes an obligation to the creditor of some other person— the primary debtor— to be fully or partially responsible for the debtor’s fulfillment of the obligation. According to Soviet law, the surety agreement must be in written form. If the obligation is not performed, the debtor and surety are responsible to the creditor as joint debtors, unless the agreement provides otherwise. All rights of the creditor in connection with the obligation pass to a surety who has fulfilled the obligation in place of the debtor.

(2) In Soviet criminal procedure, a measure of restraint. The sureties or surety—at least two individuals or a public organization— bind themselves in writing to guarantee the proper conduct of a suspect or accused person and the appearance of the suspect or accused when summoned by an agent conducting an inquiry, an investigator, a procurator, or the court. The rules of suretyship are set forth in articles 94 and 95 of the Code of Criminal Procedure of the RSFSR.

References in periodicals archive ?
Rather, the narrower argument advanced by the Rehabilitator is that while suretyship may be a "kind of insurance" and surety bonds "contract[s] of insurance", surety claims are not claims under "policies", as the Legislature used such term in Insurance Law [section] 7434 (a) (1) (ii).
Like several authors writing on delegation, I have mentioned in passing that the relations between parties to an imperfect delegation are not unlike those arising out of a contract of suretyship.
A suretyship contracted for a determinate period, or with a view to performing an obligation with a fixed term, is terminated if the creditor does not bring an action against the surety within three months from the day on which the contract of suretyship, or the time-limit of performance of the obligation, expires.
As a result of the confusion raised in cases involving defective or faulty workmanship, practitioners specializing in insurance defense or suretyship should be aware of the distinctions between insurance and suretyship and should consider the possibility of recovery from alternative sources.
The text is logical, interesting, and informative, an excellent first course in suretyship.
From there, one can check several sources to verify approved, corporate suretyship.
The impetus for updating and creating a Restatement of suretyship on its own was spurred by practitioners in the credit enhancement area.
Notwithstanding these differences, the threshold issue facing the court was whether suretyship was insurance under the applicable state statute.
Eligibility Criteria : Within 5 (five) business days after the signing of the contract, the Contractor will have to submit a performance contract - a guarantee of a bank or credit union registered in the Republic of Lithuania or a foreign country or a suretyship insurance company registered in the Republic of Lithuania or abroad, the value of which is 5% of the amount indicated in the tender, inclusive of VAT.
Divided into 15 chaptes, the treatise, except for the introductory and final chapters, addresses specific issues of suretyship, focusing on surety bonds and surety relationships in the construction industry.