historical definition of suretyship
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- A surety is one who at the request of an-. other, and for the purpose of securing to him a benefit, becomes responsi-. ble for the performance by the latter of some act in favor of a third per-. son, or hypothecates property as security therefor:'. Except that surety is correctly defined as a person and guar-. anty as a thing, the second definition adds only two phrases.
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surety a guarantor of another's obligation. SURETY, contracts. A person who binds himself for the payment of a sum of money or for the performance of something else, for another, who is already bound for the same. A surety differs from a guarantor, and the latter cannot be sued until after a suit against the principal. 10 Watts, 258.
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Surety Bond vs. Subguard What is the difference between a Surety Bond and Subguard? A Surety Bond is a three-party agreement between the principal, the obligee, and the surety where the Surety assures the obligee that the principal will perform a contract and pay any subs/suppliers they used according to the contract terms.
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Surety The surety transaction will typically involve a producer; in the United States the National Association of Surety Bond Producers (NASBP) is a trade association that represents such producers.
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- GUARANTY AND SURETYSHIP Under section 1558, he says: The common definition of a surety (see Webster's, Wharton's and Burrill's Dictionaries), cannot be distinguished from that of a guarantor, and clearly covers the case of an indorser. But an indorser is not neces-
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Surety bond A surety bond is defined as a contract among at least three parties: 1  the obligee-the party who is the recipient of an obligation. 2  the principal-the primary party who will perform the contractual obligation. 3  the surety-who assures the obligee that the principal can perform the task.
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- The obligee is the party requiring the protection of the surety bond. Typically, the obligee is a government agency regulating the industry. For example, in the case when the bond is required in order to obtain a license or permit, the obligee is the party granting the license or permit to the principal.
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American Surety Building The American Surety Building is a historic skyscraper located at 100 Broadway, New York City, New York, opposite Trinity Church.he building is set on an irregular, trapezoidal lot, and designed as a Neo-Renaissance tower clad in Maine granite with a 3-story base, an 12-story shaft, and a 6-story cap. (Its 4th and 15 stories are transitional.) The base is an Ionic entrance colonnade topped with sculptures in a classical style by J. Massey Rhind.
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- The Surety & Fidelity Association of America is a trade association that performs a leadership role in promoting and preserving the use of fidelity and surety bonds to protect public and private interests. Strategies The Association accomplishes its mission by: Establishing positions and policies on fidelity and surety issues.
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What is a Surety Bond Company? What is a Surety Bond Company? A Surety Bond Company (also called a surety, surety company or bonding company) is the party of the surety bond that takes on the risk and is responsible for paying the surety bond obligee in the case of a default by the surety bond principal.
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- This is achieved by bringing three parties together in a mutual, legally binding contract. 1  The principal is the individual or business that purchases the bond to guarantee future work performance. 2  The obligee is the entity that requires the bond. 3  The surety is the insurance company that backs the bond. The surety provides a line of credit in case the principal fails to fulfill the task. The obligee can make a claim to recover losses if the principal does fail to fulfill the task.
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surety Surety Bonds - a Crucial, Often Forgotten Tool for ... Entrepreneurs have a lot on their plate as they prepare to start up a new enterprise. To help stay organized, it can be helpful to run through a checklist of essential tasks that must be completed before a business can open.
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North Carolina (11) “Surety bondsman” means any person who is licensed by the Commissioner as a surety bondsman under this Article, is appointed by an insurer by power of attorney to execute or countersign bail bonds for the insurer in connection with judicial proceedings, and receives or is promised consideration for doing so.
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SURETYSHIP Where the statute of frauds is in force or its principles have been adopted, the contract of suretyship to answer for the debt, default or miscarriage of another person, must be in writing, etc. The contract of suretyship is discharged and becomes extinct, 1st. Either by the terms of the contract itself. 2d.
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surety Related Terms. 1  1. Person or firm (such as a bank, bonding company, insurance company) that agrees to be primarily liable for the conduct, obligation, or performance of another. Surety who pays the debt of a borrower-in-default, in general, automatically acquires an assignment of a creditor's legal right to recover the amount paid from the borrower.
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What you can find on this page What is a Surety Bond? Definition of surety bond: A surety bond is a three-party agreement put in place to protect the party requesting the bond.The three parties involved are: The Obligee: The party requiring the bond (usually your state government).hat is a Surety Bond? Definition of surety bond: A surety bond is a three-party agreement put in place to protect the party requesting the bond.
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Surety bond If the principal defaults and the surety turns out to be insolvent, the purpose of the bond is rendered nugatory. Thus, the surety on a bond is usually an insurance company whose solvency is verified by private audit, governmental regulation, or both. [citation needed] A key term in nearly every surety bond is the penal sum.
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- We established this website to be the low cost provider of U.S. customs bonds. Surety1 is a bond only, independent agency based in Rancho Cordova, California. Established in 2003, Surety1 has provided surety bonds for tens of thousands of individuals and businesses. Bonds4Customs.com is a low cost provider of customs bonds. For just $259.00* we can provide the C-1, continuous customs bond required of all importers.
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Estreature Estreature is the action and change of status involved in converting a surety bond asset forfeiture into a civil action.
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Surety bond A surety bond or surety is a promise by a surety or guarantor to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract. surety bond is defined as a contract among at least three parties: 1  the obligee-the party who is the recipient of an obligation. 2  the principal-the primary party who will perform the contractual obligation. 3  the surety-who assures the obligee that the principal can perform the task.
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What is a Surety Bond Company? Return to Surety Bonds Defined. Alpha Surety is a nationwide surety bond broker offering simple, fast solutions for all types of surety bonding in all 50 states. We offer our customers extremely competitive pricing with multiple national carriers as well as world class support.
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What is 'Surety' What is 'Surety'. Surety is the guarantee of the debts of one party by another. A surety is the organization or person that assumes the responsibility of paying the debt in case the debtor policy defaults or is unable to make the payments. The party that guarantees the debt is referred to as the surety, or as the guarantor. Next Up.
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- Patterson has written 147 novels since 1976. He has had 114 New York Times bestselling novels, and holds The New York Times record for most #1 New York Times bestsellers by a single author, a total of 67, which is also a Guinness World Record.
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What is a Surety Bond? What is a Surety Bond? Definition: sur•e•ty bond. A surety bond is a contract between three parties—the principal (you), the surety (us) and the obligee (the entity requiring the bond)—in which the surety financially guarantees to an obligee that the principal will act in accordance with the terms established by the bond.
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Judge has ordered a $5000 surety bond what does this mean and how do I pay it? Surety bonds are a three-party legal and financial contract. You, the principal party, will post the surety bond to pledge that you will adhere to the terms set by the judge.
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What Is An Employment Agency Bond? (Takes 5 minutes or less.) An employment agency bond is similar to a private employment agency bond, except that the agency is usually much bigger. The surety bond is a form of insurance that the agency purchases to guarantee to their clients their financial stability and legal compliance. Examples of employment agencies include temp agencies, sites like Monster or Career Builder, and more. These agencies seek to match potential employees with companies.