surety

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Related to sureties: guarantor, suretyship

surety

1. a person who assumes legal responsibility for the fulfilment of another's debt or obligation and himself becomes liable if the other defaults
2. security given against loss or damage or as a guarantee that an obligation will be met
3. stand surety to act as a surety

surety

A person or organization who, for a consideration, promises in writing to make good the debt or default of another.
References in periodicals archive ?
She ordered that the sureties must be gainfully employed, adding that one of the sureties must be a close relation of the defendant.
The former Electoral commission boss was admitted to bail of N1bn with two sureties in like sum after being arraigned before Justice Chuka Obiozor of the Federal High Court in Lagos on August 8.
The three sureties who guaranteed his bail had been made to sign a bail bond of N100m each which was backed by their landed assets whose documents were deposited in court.
Despite these directives, mounting research suggests that sureties are a common feature of bail releases in Ontario (Canadian Civil Liberties Association [CCLA] and Education Trust 2014; Myers 2009, 2017; Trotter 2010; Webster, Doob, and Myers 2009).
(2) However, certain jurisdictions are not as preoccupied with the differences between suretyship and insurance because, in certain states, sureties are treated like insurers, as may be seen in Dodge v.
Balboa's progress-payment framework is irrational and unworkable, and it undermines the purpose of the Miller Act requiring sureties. Several Balboa factors are at odds with the federal regulations covering government-funded construction, and the court did not provide a mechanism for weighing one factor against any other.
At the same time, cautious sureties have become more rigorous in their evaluation and approval of bond requests.
Some sureties could go against nationwide trends, depending upon their own financial positions.
"After a similar recession in 1989-1990, federal projects had a problem with shady sureties. I had a number of cases where suppliers and subcontractors got burned.
The petitioner through his application submitted that the bench had allowed interim bail to her with a direction to submit two sureties of Rs 20 million for the purpose.
Pesce is chairman of the National Association of Independent Sureties and a frequent speaker at construction industry conferences.