§ 10-4-301 — Bond executed by surety company

(1) Whenever any bond,
undertaking, recognizance, or other obligation is, by law or the charter, ordinance,
rules, or regulations of any municipality, board, body, organization, court, judge, or
public officer, required or permitted to be made, given, tendered, or filed with
surety and whenever the performance of any act, duty, contract, or obligation or the
refraining from any act is required or permitted to be guaranteed, such bond,
undertaking, obligation, recognizance, or guaranty may be executed as surety by a
company qualified as provided in this title. Such execution by the company of such
bond, undertaking, obligation, recognizance, or guaranty shall be in all respects a
full and complete compliance with every requirement of every law, charter,
ordinance, rule, or regulation that the bond, undertaking, obligation, recognizance,
or guaranty was executed by one or more sureties or that sureties shall be
residents or householders or freeholders, or either, or both, or possess any other
qualifications.

(2) All courts, judges, heads of departments, boards, bodies, municipalities,
and public officers of every character shall accept and treat such bond,
undertaking, obligation, recognizance, or guaranty, when so executed by such
company, as conforming to and fully and completely complying with every such
requirement of every such law, charter, ordinance, rule, or regulation; except that
such company may be required to justify, in such terms and for such amounts as
may be satisfactory, to the court, person, or body authorized to approve such
surety.

Legislative History

Source: L. 79: Entire part R&RE, p. 360, � 7, effective July 1.