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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Search Results for: voluntary surety
voluntary suretyship
A suretyship in which the chief object of the contract is to make one party a surety.
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voluntary surety
A surety who receives no consideration for the promise to act as a surety. — Also termed accommodation surety.
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