suretyship

Meanings

• noun

  A contract in which one party (the surety) agrees to be financially responsible for the debts or obligations of another party (the principal) in case the latter fails to meet those obligations.

  - "The surety agreed to pay the debt if the principal was unable to do so."
  - "The bank required a surety before issuing the loan."

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Variants

List of all variants of suretyship that leads to same result
sureties , surety , suretyship , suretyships

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Etymology

origin and the way in which meanings have changed throughout history.

From the Old French word 'sûreté', meaning 'safety' or 'security'. In the context of suretyship, it refers to the safety or security provided by the surety's agreement to pay the debt if the principal cannot.

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Trivia

Any details, considerations, events or pieces of information regarding the word

1. Suretyship has been used since ancient times, with evidence dating back to ancient Greece and Rome.

2. The term 'surety' comes from the Old French word 'sûr', meaning 'safe' or 'secure'.

3. Suretyship is an essential concept in insurance, where an insurance company acts as a surety, agreeing to pay a claim if the policyholder cannot.

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Related Concepts

informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

1. Bond: A type of suretyship where the surety promises to pay a specific amount of money if the principal fails to meet their obligations. Bonds are commonly used in business and finance.

2. Guarantor: A person or entity that guarantees the performance or payment of another party. A guarantor is similar to a surety but has a broader definition, as they can also guarantee performance rather than just financial obligations.

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Culture

Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

Suretyship has been an essential concept in various aspects of society, including business, law, and finance. It is commonly used in commercial transactions, especially when large sums of money are involved. In literature, suretyship has been used as a metaphor for trust and loyalty.

How to Memorize "suretyship"

1. visualize
   

   - Imagine a contract where one party agrees to pay a debt if another party cannot. Visualize the surety as a safety net, providing financial security.

2. associate
   

   - Associate the word 'suretyship' with the idea of safety and security. Remember that it is a contract where one party agrees to be financially responsible for another.

3. mnemonics
   

   - Use the phrase 'Surety saves you, shipshape' to remember the meaning of suretyship.

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