THE SCOPE OF SURETY’S LIABILITY AND TYPES OF SURETYSHIP IN TERMS OF LIABILITY

Abstract

Suretyship agreement is one of the ancient personal security devices known from Roman law. This agreement pursues the aim to protect property interests of the creditor. Nowadays, it is especially concluded between the parties in order to ensure the performance of the debt contracts. Taking into account the essence of suretyship contracts in practice, the legal consequences emerging from the default of the main debtor have to be enlightened. That is why, the scope and characteristics of the surety’s liability in respect of joint and subsidiary suretyship are researched in this article. It illustrates the basis of the creditor’s right to resort to the surety, the comparative analysis of legislative norms regulating the types of surety’s liabilities with foreign legal systems. Key words: a basis of surety’s liability, types of suretyship agreement, joint suretyship, subsidiary suretyship, default by the debtor, co-sureties