§ 23-32-305 - Exemption from posting bond in certain transactions.
23-32-305. Exemption from posting bond in certain transactions.
(a) Except when the dollar amount of responsibility assumed exceeds its net capital and surplus, no state or federal savings and loan association, chartered or licensed to do business in this state, shall be required to furnish fidelity, surety, or performance bond, called "bond" in this subchapter, in business transactions involving:
(1) Garnishment;
(2) Replevin;
(3) Foreclosure; and
(4) Forcible entry and detainer.
(b) At the beginning of any proceeding in all such business transactions, the state or federal savings and loan association shall, upon request, furnish to each party to the transaction a copy of its most recent statement of financial condition.