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A surety is a person who agrees to be responsible for the debt or obligation of another. The situation in which a surety is most typically required is when the ability of the primary obligor or principal to perform its obligations under a contract is in question, or when there is some public or private interest which requires protection from the consequences of the principal's default or delinquency. In most common law jurisdictions, a contract of suretyship is subject to the statute of frauds (or its equivalent local laws) and is only enforceable if memorialized by a writing signed by the surety.
If the surety is required to pay or perform due to the principal's failure to do so, the law will usually give the surety a right of subrogation, allowing him to recover the cost to him of making payment or performance on the principal's behalf, even in the absence of an express agreement to that effect between the surety and the principal.
The act of becoming a surety is also called a guaranty. Traditionally a guaranty was distinguished from a surety in that the surety's liability was joint and primary with the principal, wherease the guaranty's liability was ancillary and derivative, but many jurisdictions have abolished this distinction.
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Albania - Deposit Insurance Agency - Includes a list of insured banks, and other information in Albanian.
Argentina - SEDESA - Seguro de Depósitos Sociedad Anónima, which administers as trustee the Deposit Guarantee Fund.
Bulgaria - Deposit Insurance Fund - Undertakes to pay in full the deposit amounts of legal entities and physical persons up to BGN 15,000.
Canada (Quebec) - La Régie de l'assurance-dépôts du Québec - Guarantees deposits up to C$60,000.
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France - Fonds de Garantie des Dépôts - Compensates depositors of an institution which can no longer meet its liabilities, up to a limit of �70,000 per depositor.
Hungary - Országos Betétbioztosítási Alap - National Deposit Insurance Fund, which guarantees deposits up to one million forints.
International Association of Deposit Insurers - IADI contributes to the stability of financial systems by promoting international cooperation and encouraging international contact among deposit insurers.
Japan - Deposit Insurance Corporation of Japan - Guarantees up to a maximum principal of ¥10 million per depositor per financial institution, plus interest. For current deposits, until end March 2005, the full amount is protected.
Korea Deposit Insurance Corporation - Protects principal and interest of insured deposits up to KRW 50,000,000.
Mexico - Institute for the Protection of Bank Savings (IPAB) - Gives statutory foundation, details of insurance, financial statements, and names of directors. [English/Spanish]
Nigeria Deposit Insurance Corporation - Endeavours to engender banking stability by protecting the banking sector against destructive runs, protecting bank depositors and to ensure fair play amongst the competing banks.
Philippine Deposit Insurance Corporation - Deposits insured up to P 100,000.
Slovakia - Deposit Protection Fund - The fond ochrany vkladov, providing protection to depositors in Slovakia.
Meta Description: [ Fond ochrany vkladov je zo zákona poverený zabezpečovaním a výkonom činností súvisiacich s ochranou vkladov fyzických osôb a zákonom vymedzených právnických osôb, uložených v bankách a pobočkách zahraničných bánk, ktoré sú účastníkmi systému ochrany vkladov v SR ]
Sweden - Insättningsgaratinämnden - The Deposit Guarantee Board covers deposits in banks and in securities firms up to SEK 250,000 for each client.
Taiwan - Central Deposit Insurance Corporation - Site has some statistics relating to insured deposits, and more information in Chinese.
Trinidad and Tobago - Deposit Insurance Corporation - Manages a Fund to provide insurance for depositors should a member financial institution fail; includes mission, functions, resources, and contacts.
United States - Federal Deposit Insurance Corporation - Federal deposit insurance protects the first $100,000 of deposits that are payable in the United States.
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