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SURETYSHIP

In finance, a surety, surety bond or guaranty involves a promise by one party to assume responsibility for
the debt obligation of a borrower if that borrower defaults. The person or company providing this promise is also
known as a "surety" or as a "guarantor".
A surety most typically requires a guarantor when the ability of the primary obligor or principal to perform its
obligations to the obligee (counterparty) under a contract is in question, or when there is some public or private
interest which requires protection from the consequences of the principal's default or delinquency. In
most common-lawjurisdictions, a contract of suretyship is subject to the Statute of Frauds (or its equivalent local
laws) and is only enforceable if recorded in writing and signed by the surety and by the principal.

> A relation which exists where one person has undertaken an obligation and another person is also under a
direct and primary obligation or other duty to a third person, who is entitled to but one performance, and as
between the two who are bound, the one rather than the other should perform
> Contractual relation resulting from an agreement whereby one person, the surety, engages to be
answerable for a debt, default, miscarriage of another known as the principal
LAW APPLICABLE TO SURETYSHIP
> Second paragraph
> It covers OBLIGATIONS, DIFFERENT KINDS OF OBLIGATIONS, JOINT AND
SOLIDARY OBLIGATIONS, OBLIGATIONS AND CONTRACTS
> If a person binds himself solidarily with the principal debtor, the contract is called suretyship and the
guarantor is called the SURETY
If the surety is required to pay or perform due to the principal's failure to do so, the law will usually give the surety
a right of subrogation, allowing the surety to "step into the shoes of" the principal and use his (the surety's)
contractual rights to recover the cost of making payment or performing on the principal's behalf, even in the
absence of an express agreement to that effect between the surety and the principal.
Traditionally, a distinction was made between a suretyship arrangement and that of a guaranty. In both cases, the
lender gained the ability to collect from another person in the event of a default by the principal. However, the
surety's liability was joint and primary with the principal: the creditor could attempt to collect the debt from either
party independently of the other. The guarantor's liability was ancillary and derivative: the creditor first had to
attempt to collect the debt from the debtor before looking to the guarantor for payment. Many jurisdictions have
abolished this distinction, in effect putting all guarantors in the position of the surety.