Surety means an individual or corporation legally liable for the debt, default, or failure of a principal to satisfy a contractual obligation. The types of sureties referred to are as follows:
(1) An individual surety is one person, as distinguished from a business entity, who is liable for the entire penal amount of the bond.
(2) A corporate surety is licensed under various insurance laws and, under its charter, has legal power to act as surety for others.
(3) A cosurety is one of two or more sureties that are jointly liable for the penal sum of the bond. A limit of liability for each surety may be stated.