suretyship Definition
- 1the state of being a surety; the obligation or responsibility of a surety
- 2the act of providing security for someone else's debt or obligation
Using suretyship: Examples
Take a moment to familiarize yourself with how "suretyship" can be used in various situations through the following examples!
Example
The bank required suretyship from the borrower's family members.
Example
He provided suretyship for his friend's loan.
Example
The suretyship agreement stated that the guarantor would be responsible for any unpaid debts.
suretyship Synonyms and Antonyms
Synonyms for suretyship
Phrases with suretyship
a type of suretyship where an individual provides security for their own debts or obligations
Example
The company required personal suretyship from its employees for any company-related expenses.
a type of suretyship where two or more individuals provide security for a single debt or obligation
Example
The landlord required joint suretyship from all the tenants on the lease agreement.
a type of suretyship where a business provides security for another business's debts or obligations
Example
The supplier required commercial suretyship from the buyer before extending credit terms.
Origins of suretyship
from Middle English 'seurte', meaning 'security', and 'ship'
Summary: suretyship in Brief
'Suretyship' [shoor-i-tee-ship] refers to the act of providing security for someone else's debt or obligation. It can take different forms, such as personal, joint, or commercial suretyship. Examples of its use include 'The bank required suretyship from the borrower's family members.' and 'The suretyship agreement stated that the guarantor would be responsible for any unpaid debts.' Synonyms for 'suretyship' include 'guarantee,' 'bond,' and 'pledge.'
