31 USC 9304 – Surety corporations
(a) When a law of the United States Government requires or permits a person to give a surety bond through a surety, the person satisfies the law if the surety bond is provided for the person by a corporation—
(1) incorporated under the laws of—
(A) the United States; or
(B) a State, the District of Columbia, or a territory or possession of the United States;
(2) that may under those laws guarantee—
(A) the fidelity of persons holding positions of trust; and
(B) bonds and undertakings in judicial proceedings; and
(3) complying with sections 9305 and 9306 of this title.
Terms Used In 31 USC 9304
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- State: means a State, the District of Columbia, the Commonwealth of Puerto Rico, or any other territory or possession of the United States. See 1 USC 7
(b) Each surety bond shall be approved by the official of the Government required to approve or accept the bond. The official may not require that the surety bond be given through a guaranty corporation or through any particular guaranty corporation.