suretyship

English - Turkish

Definition of suretyship in English Turkish dictionary

kefalet

(isim) kefalet

Related Terms

suretyship and guaranty

kefalet ve garanti

English - English

Definition of suretyship in English English dictionary

An accessory agreement through which a person binds themselves for another already bound, either in whole or in part, as for their debt, default or miscarriage; the assumption of liability for the obligations of another

as a man desperately swimming drowns him that comes to help him, by suretyship and borrowing they will willingly undo all their associates and allies .

{i} responsibility of the guarantor to pay the debts of the principal debtor (Law)

The state of being surety; the obligation of a person to answer for the debt, default, or miscarriage of another

Exists whenever one party, jointly and severally with another party, guarantees the latter's obligation or undertaking in favor of a third party

The function of being a surety It is the obligation of a surety to pay the debts of or answer for the default of another A three-party contract is the basis for a suretyship: One party (surety) undertakes to answer to a second party (obligee) for the debt or default of a third (principal) resulting from the third party's failure to pay or perform as required by an underlying contract or legal obligation

Stated in its simplest terms, suretyship embraces all forms of obligation to pay debts or answer for the default of another

suretiship

cautionry

Etymology

() From surety +‎ -ship.