83-27-1 - Accepted as sureties on bonds.
§ 83-27-1. Accepted as sureties on bonds.
Any company incorporated and organized under the laws of any state of the United States for the purpose of transacting business as surety on obligations of persons or corporations, which has complied with all the requirements of this chapter may be accepted as surety in part, or as sole surety, upon the bond of any person, officer or corporation required by the laws of this state to execute a bond or bonds. Such company may be substituted as sole surety or as co-surety for a surety or sureties on bonds already given, and may be released from liability on the same terms and conditions as are by law prescribed for the substitution and release of individuals as sureties. Where a surety company subscribes to a bond, it shall not be necessary that there shall be additional sureties. In all cases where such company shall become surety for part only of any bond, its liability on such bond shall be limited to the amount for which it becomes surety. All surety companies shall possess the capital and surplus requirements as required in Sections 83-19-31 and 83-21-3.
Sources: Codes, 1906, § 2669; Hemingway's 1917, § 5135; 1930, § 5225; 1942, § 5739; Laws, 1896, ch. 55; Laws, 1997, ch. 410, § 18, eff from and after July 1, 1997.