Surety Legal Meaning and Definition

Here is a simplified definition of the legal term Surety.

Surety (noun): A surety is an individual or entity who provides a pledge, promising to take responsibility for another person's obligation. This can include paying a debt or performing some action if the second person, referred to as the 'principal', fails to fulfill their stated duty. For instance, in a loan agreement, a surety guarantees the repayment should the borrower be unable to do so.