Suretyship as an Obligation Security Measure

Feb 24, 2010
Andrius Gabnys, Assistant to the Attorney at Law

Suretyship is a contract by which the surety binds himself as liable towards the creditor of another person gratuitously, or for remuneration, in the event where the person in whose favor suretyship is granted fails to perform the obligation in whole or in part. Suretyship is an accessory obligation (dependent upon the obligation of the principal debtor for which it has been entered into). Suretyship shall terminate upon either the extinguishment of the principal obligation, or it having been ...

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