surety
Definition 1
Person or firm (such as a bank, bonding company, insurance company) that agrees to be primarily liable for the conduct, obligation, or performance of another. Surety who pays the debt of a borrower-in-default, in general, automatically acquires an assignment of a creditor's legal right to recover the amount paid from the borrower.
Definition 2
Formal pledge lodged, or sum of money deposited, as a guaranty against a damage or loss, non-fulfillment of an obligation, or unfaithfulness (such as of an accused on bail). See also surety bond.
Definition 3
Requirement that a product or system will meet its operational specifications under the specified conditions.
surety is in the Banking, Commerce & Finance, Corporate, Commercial, & General Law and Quality Control & Management subjects.
surety appears in the definitions of the following terms:
counter guarantee,
prepayment bond,
subsuretyship,
surety bond,
bonded carrier,
principal,
margin deposit,
bond,
judicial bond,
subsurety
and
surety appears in the other term: bid surety
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