An arrangement in which a third party promises to be primarily liable with the borrower for the payment of the borrower's debt is referred to as ________.

Question

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A surety arrangement involves a third party (the surety) who agrees to be primarily liable with the borrower for the repayment of the borrower's debt, ensuring the lender that the debt will be paid either by the borrower or the surety.

An Arrangement in Which a Third Party Promises to Be