Latin for Lawyers

L ATIN FOR L AWYERS

SURETY [L. securus , securitas / freedom from care; peace of mind] A person who becomes responsible to answer and make good the debt, obli gation, default, failure or breach of another. Originally, a surety was distin guished from a guarantor in that the surety was immediately and unconditionally liable, whereas a guarantor became liable only upon default by the principal. This distinction is no longer recognized under the Uniform Commercial Code. A surety bond is a formal document of assurance exe cuted by the surety with respect to a particular principal under which the surety is bound to pay a sum recited in the document upon default by the principal. A surety company is a company which issues surety bonds for a fee paid by the principal. A suretyship is the contractual relationship between a surety and the principal. SURPLUS [L. super + plus , pluris (comp. of multus / much, many)] More than is needed or necessary. What remains when use and need are satis fied. The excess of receipts over disbursements. The assets of a business or corporation remaining after subtracting the total of invested capital from its net worth. The result of substracting liabilities from assets. Capital surplus is surplus other than earned surplus. Earned surplus is the surplus resulting from the operations of the business, after deducting losses, distributions to stockholders and transfers to capital stock. Paid-in surplus is surplus result ing from the sale of capital stock at prices above par. Surplus proceeds are funds remaining upon a mortgage foreclosure sale or upon an execution or levy in excess of the amount needed to pay the mortgage or other debt in full. When surplus proceeds develop, the court will hold a surplus money proceed ing to determine the disposition of the proceeds. SURPLUSAGE Redundant, excessive or non-essential matter. All matter submitted in a pleading, affidavit, motion or brief which is irrelevant to a determination of the issues. Any matter in a contract, deed or other legal document which is not necessary to assessing or fixing the rights and obligations of the parties. SURPRISE [L. super + prehendo , prehendere / to seize, grasp, take] To take unaware. To cause a sudden response from a person who does not expect to give it. To cause an effect which is not expected. To astonish or amaze. In a trial, to place a party in a circumstance or condition which is unexpected by him and which he could not with diligence or care anticipate, e.g., to confront him with a surprise witness. Surprise may lead to an adjournment or to a new trial.

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