surety(redirected from Penalty Bond)
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n. pl. sur·e·ties
1. The condition of being sure, especially of oneself; self-assurance.
2. Something beyond doubt; a certainty.
3. A pledge or formal promise made to secure against loss, damage, or default; a security.
4. One who has contracted to be responsible for another, especially one who assumes responsibilities or debts in the event of another party's default.
[Middle English surte, from Old French, from Latin sēcūritās, from sēcūrus, sure; see secure.]
n, pl -ties
1. (Law) a person who assumes legal responsibility for the fulfilment of another's debt or obligation and himself becomes liable if the other defaults
2. (Law) security given against loss or damage or as a guarantee that an obligation will be met
3. obsolete the quality or condition of being sure
4. obsolete a means of assurance or safety
5. (Law) stand surety to act as a surety
[C14: from Old French seurte, from Latin sēcūritās security]
sur•e•ty(ˈʃʊər ɪ ti, ˈʃʊər ti, ˈʃɜr-)
n., pl. -ties.
1. security against loss or damage or for the payment of a debt or fulfillment of an obligation; a pledge, guaranty, or bond.
2. a person who has made himself or herself responsible for another, as a sponsor or bondsman.
3. the state or quality of being sure; certainty.
4. something that makes sure; ground of confidence or safety.
5. a person legally responsible for the debts of another.
6. assurance, esp. self-assurance.
[1300–50; Middle English surte < Middle French; Old French seurte < Latin sēcūritātem, acc. of sēcūritās security]
A person who agrees to take legal responsibility for someone else’s debts or obligations if that person defaults.
Switch to new thesaurus
|Noun||1.||surety - something clearly established|
|2.||surety - property that your creditor can claim in case you default on your obligation; "bankers are reluctant to lend without good security"|
deposit - money given as security for an article acquired for temporary use; "his deposit was refunded when he returned the car"
earnest - something of value given by one person to another to bind a contract
recognisance, recognizance - (law) a security entered into before a court with a condition to perform some act required by law; on failure to perform that act a sum is forfeited
stock warrant, stock-purchase warrant, warrant - a type of security issued by a corporation (usually together with a bond or preferred stock) that gives the holder the right to purchase a certain amount of common stock at a stated price; "as a sweetener they offered warrants along with the fixed-income securities"
|3.||surety - a prisoner who is held by one party to insure that another party will meet specified terms|
|4.||surety - one who provides a warrant or guarantee to another|
|5.||surety - a guarantee that an obligation will be met|
1. The fact or condition of being without doubt:
2. An assumption of responsibility, as one given by a manufacturer, for the quality, worth, or durability of a product:
(= sum) → Bürgschaft f, → Sicherheit f; (= person) → Bürge m, → Bürgin f; to stand surety for somebody → für jdn bürgen; he was granted bail with a surety of £5,000 → er wurde gegen Hinterlegung einer Kaution von £ 5.000 auf freien Fuß gesetzt