Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Subsuretyship
The relation between two (or more) sureties, in which a principal surety bears the burden of the whole performance that is due from both sureties; a relationship in which one surety acts as a surety for another.
Suretyship
1. The legal relation that arises when one party assumes liability for a debt, default, or other failing of a second party. 9 The liability of both parties begins simultaneously. In other words, under a contract of suretyship, a surety becomes a party to the principal obligation. 2. The lending of credit to aid a principal who does not have sufficient credit. 0 The purpose is to guard against loss if the principal debtor were to default. 3. The position or status of a surety.
involuntary suretyship
A suretyship that arises incidentally, when the chief object of the contract is to accomplish some other purpose.
personal suretyship
A suretyship in which the surety is answerable in damages.
real suretyship
A suretyship in which specified property can be taken, but the surety is not answerable in damages.
suretyship by operation of law
A suretyship that the law creates when a third party promises a debtor to assume and pay the debt that the debtor owes to a creditor.
voluntary suretyship
See SURETYSHIP.