suretyship
/ˈʃʊrətɪʃɪp/
noun
- The legal status or responsibility of being a surety, meaning one person agrees to be responsible for another person's debt or obligation.
- In suretyship, the guarantor promises to pay if the borrower defaults.
- The lawyer explained the risks of entering into a suretyship agreement.
- The bank required a document of suretyship before approving the loan.
Synonyms