Suretyship was not always accomplished through the execution of a bond.
Individual surety bonds represent the original form of suretyship.
Traditionally, a distinction was made between a suretyship arrangement and that of a guaranty.
The French and Belgian Codes, moreover, provide that suretyship is not to be presumed but must always be expressed
Additionally, Smart-Holding concluded suretyship agreements to $ 50 million under the company s loans with the banks.
Frankpledge, for example, was a system of joint suretyship prevalent in Medieval England which did not rely upon the execution of bonds.
The civil suit by Siam Commercial Bank charges KC Chiang Mai Food Industry with breaking the terms of a loan, mortgage and suretyship contract totalling Bt223 million.
The earliest known record of a contract of suretyship is a Mesopotamian tablet written around 2750 BC . Evidence of individual surety bonds exists in the Code of Hammurabi and in Babylon, Persia, Assyria, Rome, Carthage, among the ancient Hebrews and ( later ) in England.
A surety most typically requires a guarantor when the ability of the primary obligor or " contract of suretyship is subject to the Statute of Frauds ( or its equivalent local laws ) and is only enforceable if recorded in writing and signed by the surety and by the principal.
The story mirrored in the text would thus depict a custom deeply rooted in Roman society that is described by Plautus in the scene of the Menaechmi in which the " tutor " of the " virgo " or his representatives formally give a suretyship about her attitude towards a man.