§ 7-9-1 - Power to enter guaranty and suretyship contracts.
SECTION 7-9-1
§ 7-9-1 Power to enter guaranty andsuretyship contracts. – Any company incorporated and organized under the laws of any state of theUnited States, which has a paid up capital of at least two hundred fiftythousand dollars ($250,000), and which has charter authority to transactbusiness as surety on obligations of persons or corporations, may, uponcompliance with all the requirements of law regulating the admission of thecompanies to transact business in this state, and to the extent of itscorporate powers, enter into any contract of guaranty or may be accepted assole surety upon the bond, undertaking, or obligation of any person orcorporation giving bond in this state or required by law to give bond in thisstate, except as otherwise provided, whether the bond is given in civil orcriminal judicial proceedings or for the due performance of the duties of anyoffice or employment, or however otherwise the guaranty, bond, undertaking, orobligation is given; and the company may also be accepted as sole surety uponany recognizance or other obligation of record that any person or corporationmay be required by law in any way to enter into in this state.