Surety - Definition - Law Dictionary Home Dictionary Definition surety

Definition :

Surety, hostage, bondsman; one that gives security for another; one that is bound for another. A surety who discharges the liability of the principal debtor is entitled to an assignment of all the securities held by the creditor, and is entitled to contribution from his co-sureties, see Steel v. Dixon, (1881) 17 CD 825.

Means the person by whom any security is provided, Wilson v. First Country Trust Ltd., (2001) LR 407 (QB) Consumer Credit Act, 1974 (C 39), s. 189(1).

Surety, The person who gives the guarantee is called the surety. (Contract Act, 1872 (9 of 1872), s. 126)

A person who is primarily liable for payment of another's debt or the performance of another's obligation, Black's Law Dictionary, 7th Edn., p. 1455.