Surety
"What are the formal requirements for a surety agreement?"
Quick Answer
A personal guarantee where a third party (the surety) undertakes to pay the creditor if the primary debtor fails to fulfill their obligation.
Scope and Legal Distinctions
Suretyship is accessory personal security with mandatory form and protective requirements. Personal and corporate sureties, and undertakings labelled guarantees, require careful classification.
What to Check in Practice
Review the maximum amount, date, signature, required handwritten terms and any spouse-consent rule or exception before relying on the undertaking.
Sources & Authorities
Statutory framework and official guidance for this definition.
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