The Collaborative International Dictionary
Suretyship \Sure"ty*ship\, n.
The state of being surety; the obligation of a person to
answer for the debt, default, or miscarriage of another.
--Bouvier.
Wiktionary
n. (context legal English) An accessory agreement through which a person binds themselves for another already bound, either in whole or in part, as for their debt, default or miscarriage; the assumption of liability for the obligations of another.
Usage examples of "suretyship".
And there are many good but ill-instructed men among ourselves who have just this taint of that old heresy cleaving to them still--this taint, namely, that they are tempted to carry over the suretyship and substitutionary work of Christ into such regions, and to carry it to such lengths in those regions, as, practically, to make Christ to minister to their soft and sinful living, and to their excuse and indulgence of themselves.
Henry Pickering asked me to tell you that the Land Bank of Zimbabwe has repudiated its suretyship for your loan.