South Carolina § 38-15-60 Power to become surety; release; rights and liabilities.

South Carolina Statutes

§ 38-15-60 — Power to become surety; release; rights and liabilities.

South Carolina § 38-15-60

Title 38INSURANCE

Ch. 15SURETY INSURERS

This text of South Carolina § 38-15-60 (Power to become surety; release; rights and liabilities.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 38-15-60 (2026).

Text

A surety insurer having an unrevoked certificate of authority may, upon production of the certificate, be accepted as surety on the bond of any person required by the laws of this State to give bond and may be the only surety necessary to render this bond valid. However, other surety may, in the discretion of the official authorized to approve the bond, be required and the surety may be released from its liability on the same terms and conditions as are by law prescribed for the release of individuals. Corporations becoming this surety have and are subject to all the rights and liabilities of natural persons.

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A surety insurer having an unrevoked certificate of authority may, upon production of the certificate, be accepted as surety on the bond of any person required by the laws of this State to give bond and may be the only surety necessary to render this bond valid. However, other surety may, in the discretion of the official authorized to approve the bond, be required and the surety may be released from its liability on the same terms and conditions as are by law prescribed for the release of individuals. Corporations becoming this surety have and are subject to all the rights and liabilities of natural persons.

Legislative History

HISTORY: Former 1976 Code SECTION 38-15-60 [1960 (51) 1664; 1962 Code SECTION 37-766] recodified as SECTION 38-19-880 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-13-80 [1947 (45) 322; 1952 Code SECTION 37-608; 1962 Code SECTION 37-608] recodified as SECTION 38-15-60 by 1987 Act No. 155, SECTION 1.