cosuretyship
cosuretyship. The relation between two or more sureties who are bound to answer for the same duty of the principal, and who are jointly responsible for any loss resulting from the principal’s default.
Search Results for: SURETYSHIP
personal suretyship
A suretyship in which the surety is answerable in damages. [Cases: Principal and Surety 65. C.J.S. Principal and Surety § 70.]
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suretyship
suretyship. 1. The legal relation that arises when one party assumes liability for a debt, default, or other failing of a second party. • The liability of both parties begins simultaneously. In other words, under a contract of suretyship, a surety becomes a party to the principal obligation. — Also termed (archaically) pledgery. [Cases: Principal
involuntary suretyship
A suretyship that arises incidentally, when the chief object of the contract is to accomplish some other purpose. [Cases: Principal and Surety 11. C.J.S. Principal and Surety §§ 24, 33.]
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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.]
suretyship
suretyship n. 保证合同关系；(连带)保证关系 保证人保证就债务人对债权人的债务承担清偿责任或作为共同债务人〔co-debtor〕而形成的三方当事人之间的关系。 (→surety)
suretyship by operation of law
A suretyship that the law creates when a third party promises a debtor to assume and pay the debt that the debtor owes to a creditor. [Cases: Principal and Surety 14. C.J.S. Principal and Surety § 35.]
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voluntary suretyship
A suretyship in which the chief object of the contract is to make one party a surety.
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real suretyship
A suretyship in which specified property can be taken, but the surety is not answerable in damages. [Cases: Principal and Surety 65. C.J.S. Principal and Surety § 70.]