Definition of surety

The word "surety" is derived from the Middle English word "sooreté" which means "a pledge, a person who pledges." In its original sense, it referred to a person who puts themselves on the line to guarantee the fulfillment of an obligation or the performance of a duty by another person. The Latin word "fideiusscundus" is often cited as an etymological source for "surety," as it translates as "standing in place of another" or "pledge." However, the word "fideiusscundus" actually refers to a specific type of surety bond issued by a Roman law known as the Twelve Tables. The English word "surety" started to appear in legal documents in the 15th century. It was frequently used in the context of maritime commercial law, specifically to describe the people who put up collateral in case a party failed to pay a debt or fulfill the terms of a contract. "Surety" became a common term in commercial law because it offered a degree of insurance or security to the party making the initial transaction, as they knew that they would not lose everything if the other party defaulted. Over time, "surety" has taken on a more general meaning, with the word now being used to describe a variety of guaranty arrangements, including bonds, insurance policies, and even personal contracts. But at its heart, "surety" remains a term that denotes a sense of faith or trust; it is a promise that someone will stand by another in the event that they fail to follow through on their commitments.