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Definitions from the Web

Suretyship

Definition: Suretyship is a legal agreement in which a person, known as the surety, commits to taking responsibility for another person's debt or obligation if that person fails to fulfill their obligations.

Examples:

Noun: As a suretyship, John agreed to pay off his brother's remaining loan if he defaulted on the payments.

Noun: The bank demanded a suretyship from Susan before granting her a loan.

Noun: In suretyship, the surety's liability is secondary to that of the principal debtor.

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