Search Results for: SUBSURETY

subsurety

subsurety (s[schwa]b-shuur[-[schwa]]-tee). A person whose undertaking is given as additional security, usu. conditioned not only on nonperformance by the principal but also on nonperformance by an earlier promisor as well; a surety with the lesser liability in a subsuretyship. [Cases: Principal and Surety 191. C.J.S. Principal and Surety §§ 259–262, 265, 290.]

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subsuretyship

subsuretyship (s[schwa]b-shuur[-[schwa]]-tee-ship). The relation between two (or more) sureties, in which a principal surety bears the burden of the whole performance that is due from both sureties; a relationship in which one surety acts as a surety for another. [Cases: Principal and Surety 191. C.J.S. Principal and Surety §§ 259–262, 265, 290.]

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