Definition

A legal agreement where one person agrees to take responsibility for another person's debt or obligations if they fail to meet them.

Example

The bank required a suretyship before granting the loan to the business.

Conversation

I heard you signed that agreement for your friend yesterday.

Yeah, it was a bit risky, but I trust them completely.

Was it a kind of suretyship for their loan or something?

Exactly! I hope it all works out well for both of us.

Synonyms & Antonyms

Root Explanation

Suretyship is formed from "surety" (from Old French *sureté*, meaning security or guarantee) and "-ship" (meaning the state or condition of). The word refers to the condition of being a guarantor or providing security for another's obligation.

Memory Tip

Think of 'surety' as providing a 'guarantee' or 'security' for someone, and '-ship' indicating a state or condition. This helps you remember that suretyship is the state of being a guarantor.

Visually Confused Words