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TeachMeFinance.com - explain Surety Surety -- A bond or other security that protects a person, corporation, or other legal entity in case of another's default in the payment of a given obligation, improper performance of a given contract, malfeasance of office, etc. The one who undertakes to be the surety is primarily liable in case of the default. historic definition... Surety -- A person (or corporation) who executes a bond of guaranty ; also, a bond of guaranty is a surety. Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.