A surety is a person or party that takes responsibility for the debt, default or other financial responsibilities of another party. A surety is often used in contracts where one party’s financial holdings or well-being are in question and the other party wants a guarantor.
Likewise, how do you use the word surety?
a guarantee that an obligation will be met. 1 She was granted bail with a surety of $500. 2 She has promised to stand surety for ￡4 000. 3 What are you able to provide as a surety that you will repay the loan?
One may also ask, what are the rights available to surety?
Rights against the Creditor
As per section 141, a surety is eligible to the benefit of every security which the creditor has against the principal debtor. This holds true even if at the time of entering into the contract of guarantee the surety was unaware of the existence of such a security.
What does acting as surety mean?
ACTING AS A SURETY IS A SERIOUS MATTER
A surety is someone who agrees to take responsibility for a person accused of a crime. Being a surety is a serious commitment.
What does surety mean in slang?
uk. /ˈʃɔː.rə.ti/ us. /ˈʃʊr.ə.t̬i/ a person who accepts legal responsibility for another person’s debt or behaviour, or money given as a promise that someone will do something that they have promised to do, such as pay a debt or appear in court: Her brothers are acting as sureties for her.
What is suretyship agreement?
A contract of suretyship is an agreement in terms of which one assumes liability for the obligations of another, which obligations have arisen pursuant to a lawful underlying causa.
What is the difference between a guarantor and a surety?
A surety’s undertaking is an original one, by which he becomes primarily liable with the principle debtor, while a guarantor is not a party to the principal obligation and bears only a secondary liability.”2 Stated somewhat differently, the distinction between a suretyship and guaranty is that “a surety is in the first …
What is the meaning of chants in Urdu?
Noun. A repetitive song in which as many syllables as necessary are assigned to a single tone. گیت
What is the meaning of drone Urdu?
Noun. Someone who takes more time than necessary; someone who lags behind. سست پیچھے رہ جانے والا
What is the meaning of numbers in Urdu?
1) number. Noun. The property possessed by a sum or total or indefinite quantity of units or individuals.
What is the synonym of assurance?
Some common synonyms of assurance are aplomb, confidence, and self-possession.
What is the synonym of surety?
In this page you can discover 36 synonyms, antonyms, idiomatic expressions, and related words for surety, like: guaranty, assurance, bondsman, obligation, forfeit, pledge, ratification, sponsor, conviction, certainty and confidence.
What is the Urdu meaning of lass?
1) lass. Noun. A girl or young woman who is unmarried. غیر شادی شدہ لڑکی لڑکی