Voluntary Suretyship Law and Legal Definition
Voluntary suretyship means a suertyship in which the primary object of the contract is to make one party a surety. In cases of voluntary suretyship, where changes made without the consent of a surety affect the identity of a building contract, the surety will be discharged, notwithstanding the fact that such changes did not increase or diminish the risk of the surety. That rule obtains only in cases of voluntary suretyship and not in cases where a surety is engaged in the business of suretyship for hire. There, the rule that should be followed is that, in the matter of acts and omissions with respect to the performance of the contract assured, mere immaterial variations and insubstantial deviations which do not, in any manner, prejudice the right or encroach upon the liability of the surety, will be insufficient to operate a discharge.
Legal Definition list
- Voluntary Surety
- Voluntary Submittal of Critical Infrastructure Information
- Voluntary Statement
- Voluntary Sale
- Voluntary Retirement
- Voluntary Suretyship
- Voluntary Surrender of License
- Voluntary Transfer (Bankruptcy)
- Voluntary Trichinae Certification Program [VTCP]
- Voluntary Trust
- Voluntary Uncommitted Cost Sharing
