COSURETIES Meaning and
Definition
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Cosureties, also known as co-sureties, refers to individuals or entities that jointly provide a guarantee or bonding for a specific obligation or debt. In other words, they are multiple guarantors or sureties who collectively assume responsibility for fulfilling a contractual or legal obligation on behalf of another party.
Cosureties typically enter into an agreement or contract with the obligee, such as a creditor or landlord, to offer a combined guarantee for the debtor's performance of a duty, repayment of a loan, or fulfillment of a contractual obligation. Each cosurety accepts liability for the entire debt or obligation, sharing equal responsibility with the other cosureties. Therefore, if the debtor fails to meet their obligations, any cosurety can be pursued by the obligee for the outstanding amount.
The involvement of cosureties in a guarantee arrangement provides additional security for the obligee, as the combined financial strength and credibility of multiple parties become liable for the debt. This arrangement can be useful in situations where the debtor's creditworthiness may be questionable, or the amount of the obligation exceeds the capacity of a single surety.
The arrangement of cosureties may involve mutual agreements, contributions, and arrangements between the guarantors themselves to determine the extent of their individual liability and proportion of responsibility. Cosureties may also agree upon reimbursement rights and procedures in the event of a default or settlement.
Common Misspellings for COSURETIES
- xosureties
- vosureties
- fosureties
- dosureties
- cisureties
- cksureties
- clsureties
- cpsureties
- c0sureties
- c9sureties
- coaureties
- cozureties
- coxureties
- codureties
- coeureties
- cowureties
- cosyreties
- coshreties
- cosjreties
- cosireties
Etymology of COSURETIES
The word "cosureties" does not have a specific etymology as it is a combination of two words - "co-" meaning "together" or "with" and "sureties" referring to individuals who assume responsibility or guarantee the performance of something. "Surety" derives from the Old French word "seurté" meaning "security" or "guarantee". Therefore, "cosureties" can be understood as multiple individuals assuming joint responsibility or guaranteeing an obligation or debt.
Similar spelling words for COSURETIES
- CSIRTS,
- guisards,
- cusswords,
- geyserites,
- cuss words,
- CSRTS,
- GSARRTS,
- CASERTZ,
- WCSRTS,
- kieserites,
- csardas.
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