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 ?
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. (6) The original debtor's position with respect to the obligation owed directly to the creditor by the new debtor is indeed similar to that of a surety.
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 Restatement contains no express statement of obligations owing to the surety from the obligee; rather, it defines obligee conduct that impacts on the surety under the heading "Suretyship Defenses." (5) This subject was treated first in Preliminary Draft No.
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.