Distinguish between the following: 'Surety' and 'security'.

Surety: A person who gives a guarantee is called as surety. Upon fulfilling his obligation, the surety takes over the position and rights of the creditor, under the doctrine of subrogation. Surety is most commonly found in a contract of guarantee. Security: The property charged and assured for re-payment of debt is referred as security. Security is usually tendered in case of hypothecation.