Surety bond
Defined in 2 dictionaries — Case Law, U.S. Code
Definitions from Case Law
From 234 U.S. 448 - Equitable Surety Co. v. United States ex rel. McMillan · 1914Most cited · 45 citing opinions
The rule that obtains in ordinary cases is that any change in the contract made between the principals without the consent of the surety discharges the obligation of the latter, even though the change be beneficial to the principal obligor. But it lies at the foundation of this rule of strictissimi juris that the agreement altering the undertaking of the principal must be participated in by the obligee or creditor, in order that it may have the effect of discharging the surety.
United States Code
25 U.S.C. § 1452 — in this section
“Surety Bond” means a bid bond, payment bond, or performance bond as those terms are defined in section 694a of title 15.