Virginia Statutes
§ 38.2-2404 — Limit when penalty of bond exceeds actual exposure to risk
Virginia § 38.2-2404
This text of Virginia § 38.2-2404 (Limit when penalty of bond exceeds actual exposure to risk) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Va. Code Ann. § 38.2-2404 (2026).
Text
When the penalty of a suretyship obligation exceeds (i) the amount of a judgment described on the obligation as appealed from and secured by the obligation, (ii) the amount of the subject matter in controversy, or (iii) the amount of the estate held in trust by the person acting in a fiduciary capacity, the bond may be executed by any fidelity and surety insurer if the actual amount of the judgment or the subject matter in controversy or estate not subject to supervision or control of the surety is not in excess of the limitation specified in § 38.2-208. When the penalty of a suretyship obligation executed for the performance of a contract exceeds the contract price, the contract price shall be taken as the basis for estimating the limit of risk specified in § 38.2-208.
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Legislative History
1952, c. 317, § 38.1-642; 1986, c. 562.
Nearby Sections
15
§ 38.2-100
Definitions§ 38.2-1000
Incorporation of domestic stock insurers§ 38.2-1001
Incorporation of domestic mutual insurers§ 38.2-1004
Voting§ 38.2-1005
Certain mutual companies and societies not to become stock companies without approval of Commission§ 38.2-1005.1:1
Definitions§ 38.2-1005.1:10
Conflicts of interest§ 38.2-1005.1:11
Costs and expenses§ 38.2-1005.1:12
Failure to give notice§ 38.2-1005.1:13
Limitation on actionsCite This Page — Counsel Stack
Bluebook (online)
Virginia § 38.2-2404, Counsel Stack Legal Research, https://law.counselstack.com/statute/va/38.2/38.2-2404.