A Surety is defined by the Black’s Law Dictionary as "a person who is primarily liable for the payment of another’s debt or the performance of another’s obligation". A surety bond is a legally binding contract entered into by three parties—the principal, the obligee, and the surety. Going by this definition, it means that the party which guarantees the debt is referred to as the surety, or as the guarantor, i.e, someone who assumes direct liability for the debt, default or other financial responsibilities of another party.
A surety is often used in contracts where one party's financial holdings or well-being are in question and the other party wants a guarantor. It involves the use of Surety bonds, which are financial instruments that tie the principal, the obligee - often a government entity - and the surety.
In the case of bail, the surety undertakes to provide security for the release of the defendant on the promise that the defendant will honour the terms of the bail agreement by appearing in court or the police station as and when required. Once bail has been granted to the accused, the surety enters into an undertaking by executing a bail bond to always produce the accused person in court until the trial is completed.
Most times would-be sureties, do not know that there are usually consequences to face, in the event that the defendant jumps bail.
If the accused absconds or “jumps bail” then the surety forfeits then the security he provided for the bail, and the courts have the power to arrest a surety who refuses to pay unless the surety can provide satisfactory evidence to the court that he is not to be blamed for the accused person jumping bail and did everything in his power to stop this from happening.
The surety may serve a term of imprisonment of about six months with or without an option of fine if, after an inquiry by the court, he cannot produce the accused person on an agreed date and place, or forfeit the bail bond”
Section 167 of the Administration of Criminal Justice Act states that a person given bail may be required to produce such surety or sureties as, in the opinion of the court, will be sufficient to ensure his appearance in court when required.
At the end of a trial a surety has a right to retrieve any money or security they may have deposited on behalf of an accused person as long as the accused person abides.
Section 165 (3) ACJA states that the money or security deposited shall be returned to the defendant or his surety or sureties, as the case may be, at the conclusion of the trial or on an application by the surety to the court to discharge his recognizance.
Post a Comment