Definition of "Surety"

Damon J. Brockenberry real estate agent
Damon J. Brockenberry, Real Estate Agent Keller Williams Preffered Properties

One who agrees to pay the debts of another in the event that the debtor does not pay. The creditor can demand payment from the surety as soon as the debt becomes due. Although a surety agreement does not have to be in writing to be enforceable, most of them are.

 

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