A surety is one serves as a guarantor on bond or other obligation such as a debt. If the person signing the bond performs their obligation, the surety does not have to “do anything.” If the person pays their debt, the surety does not have to pay it. If the person signing the bond does not perform as indicated on the bond, the surety is at financial or legal risk. The the person who is supposed to pay the debt does not pay, the surety becomes obligated.

Categories:

Tags:

No responses yet

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Get the Genealogy Tip of the Day Book
Get the More Genealogy Tip of the Day Book
Recent Comments
Archives