Security & Suretyship and Guaranty
"Security is an interest in chattels, in land, or in the obligation of a third party. . . . The purpose of security is generally to secure the repayment of money, but it may also secure the performance of any duty." Scope Note to Restatement of the Law of Security at 1 (Am. Law Inst. 1941).
Suretyship is "the legal relation that arises when one party assumes liability for a debt, default, or other failing of a second party." Suretyship, Black's Law Dictionary 1671 (10th ed. 2014).
Guaranty is "a promise to answer for the payment of some debt, or the performance of some duty, in case of the failure of another who is liable in the first instance." Guaranty, Black's Law Dictionary 821 (10th ed. 2014).
The Restatement of the Law, Third: Suretyship and Guaranty was published in 1996. The supplement to the third series includes all case citations to the third series as well as all case citations to the Restatement of the Law of Security.
The Restatement of the Law of Security was published in 1941. All case citations can be found in the Restatement of the Law, Third: Suretyship and Guaranty.
The Restatement of the Law, Third: Suretyship and Guaranty "should be regarded as completely superseding Division II of the Restatement of Security. Division I of that Restatement has long been largely superseded by Article 9 of the Uniform Commercial Code." Forward to Restatement (Third) of Suretyship and Guaranty at IX (1996).
For more information on superseded status, see the publication page at www.ali.org or contact the American Law Institute.
The Parallel Tables found in the back of Restatement (Third) Suretyship and Guaranty show corresponding Restatement (Third) Suretyship and Guaranty, Restatement (Second) Contracts, Restatement of Security (1941), and Restatement (Third) Suretyship and Guaranty Tentative Drafts 1-4 section numbers.
The Parallel Tables found in the back of Restatement of Security (1941) show corresponding Restatement of Security (1941), Tentative Drafts 1-4, and Proposed Final Draft section numbers.