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What is a suretyship?

What is a suretyship? Here are some definitions.

Noun
  1. (law) An accessory agreement through which a person binds themselves for another already bound, either in whole or in part, as for their debt, default or miscarriage; the assumption of liability for the obligations of another.
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Examples
This clause of the statute is discussed more at length in the chapter on suretyship.
And when I was wived, having something to stick to, I had the horn of suretyship ever before my eyes.
This concept of security raises a harmonization issue with the Quebec civil law concept of suretyship.
In modern times suretyship or guaranty has come to be undertaken by business corporations organized for that purpose.
Attempts to perform such acts of suretyship are beyond their power, and are ultra vires.
Thus, the court associated a suretyship with a letter of credit, but did not provide more detailed explanations.

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