Alabama § 5-5A-35 Agreements Between Principal and Sureties on Bond for Deposit of Money and Assets in Bank, Etc

Alabama Statutes

§ 5-5A-35 — Agreements Between Principal and Sureties on Bond for Deposit of Money and Assets in Bank, Etc

Alabama·Title 5 Banks and Financial Institutions·Ch. 5A Organization and Operation of Banks

It shall be lawful for any party of whom a bond, undertaking or other obligation is required to agree with his surety or sureties for the deposit of any or all money and assets for which he and his surety or sureties are or may be held responsible with a bank, or with other depository approved by the court or a judge thereof, if such deposit is otherwise proper, for the safekeeping thereof, and in such manner as to prevent the withdrawal of such money or assets or any part thereof, without the written consent of such surety or sureties, or an order of court or a judge thereof made on such notice to such surety or sureties as such court or judge may direct; provided, however, that such agreement shall not in any manner release from or change the liability of the principal or sureties as est

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It shall be lawful for any party of whom a bond, undertaking or other obligation is required to agree with his surety or sureties for the deposit of any or all money and assets for which he and his surety or sureties are or may be held responsible with a bank, or with other depository approved by the court or a judge thereof, if such deposit is otherwise proper, for the safekeeping thereof, and in such manner as to prevent the withdrawal of such money or assets or any part thereof, without the written consent of such surety or sureties, or an order of court or a judge thereof made on such notice to such surety or sureties as such court or judge may direct; provided, however, that such agreement shall not in any manner release from or change the liability of the principal or sureties as established by the terms of the bond.

Alabama § 5-5A-35 (Agreements Between Principal and Sureties on Bond for Deposit of Money and Assets in Bank, Etc) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.