cosurety
- A role typically fulfilled by one of two or more individuals or parties who take on the responsibility of fulfilling the same commitment or duty
- When the loan was approved, both individuals agreed to be cosureties for the borrowed amount.
- As a cosurety, he shares the obligation to repay the debt if the primary borrower fails to do so.
- Cosurety arrangements are quite common in large financial transactions to distribute risk among various parties.
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