suretyship

Etymology

From surety + -ship.

noun

  1. (law) An accessory agreement through which one binds oneself for another already bound, either in whole or in part, as for one's debt, default or miscarriage; the assumption of liability for the obligations of another.
    as a man desperately swimming drowns him that comes to help him, by suretyship and borrowing they will willingly undo all their associates and allies […]. , vol.1, New York Review of Books, 2001, p.290

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