Essentially, the surety is a guarantee that a debt will be paid or that an obligation will be fulfilled.Suretyship has been recognized since ancient times, and was commonly used in medieval commerce. It was also used in feudal England, where lords required sureties from their vassals to ...
As long as the person or company that one stood surety for is meeting with their obligations, all is fair and well, but sometimes the guarantor is unexpectedly called upon to fulfill the terms of the suretyship when they were under the impression that it was no longer applicable. To illustra...
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