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Guaranty vs Suretyship - What's the difference?

guaranty | suretyship | see also |

Guaranty is a see also of suretyship.


In legal|lang=en terms the difference between guaranty and suretyship

is that guaranty is (legal) an undertaking to answer for the payment of some debt, or the performance of some contract or duty, of another, in case of the failure of such other to pay or perform; a warranty; a security while suretyship is (legal) 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 nouns the difference between guaranty and suretyship

is that guaranty is (legal) an undertaking to answer for the payment of some debt, or the performance of some contract or duty, of another, in case of the failure of such other to pay or perform; a warranty; a security while suretyship is (legal) 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 verb guaranty

is .

guaranty

English

Noun

(guaranties)
  • (legal) An undertaking to answer for the payment of some debt, or the performance of some contract or duty, of another, in case of the failure of such other to pay or perform; a warranty; a security.
  • Something serving as a security for such an undertaking.
  • * {{quote-book, year=1864, author=Various, title=The Atlantic Monthly, Volume 14, No. 85, November, 1864, chapter=, edition= citation
    • , passage=No doubt the city of New York and the State of California contain capital enough for the completion of the entire road,--would subscribe to it, too, upon sufficient guaranties . }}
  • An assurance or guarantee.
  • * {{quote-book, year=1904, author=Olive Tilford Dargan, title=Semiramis and Other Plays, chapter=, edition= citation
    • , passage=America has sent us guaranties She will demand that Maximilian Be held but as a prisoner of war. }}
  • * 1945 , , “ The Philosophical Basis of Masaryk’s Political Ideals]” in [[w:Ethics (journal), Ethics] LV, ? 4 (July 1945), page 299, right column:
    • The concept of God and immortality is for him a guaranty of this eternal difference between right and wrong.

    Related terms

    * guarantor

    References

    * *

    Verb

  • * {{quote-book, year=1742, author=Samuel Johnson, title=The Works of Samuel Johnson, Vol. 6, chapter=, edition= citation
    • , passage=His imperial majesty likewise guaranties' to the king of Prussia the perpetual possession of upper Silesia; and the king ' guaranties to the emperour the perpetual possession of upper Austria, as soon as he shall have occupied it by conquest." }}

    suretyship

    English

    Noun

    (en noun)
  • (legal) 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.
  • *, vol.1, New York Review of Books, 2001, p.290:
  • *: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 […].

    • See also

    *guaranty