New Jersey Statutes 17:31-3. Qualifications for action as surety or guarantor
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Terms Used In New Jersey Statutes 17:31-3
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
The company, to be qualified to so act as surety or guarantor, shall comply with all the requirements of chapters 17 to 33 of this title (s. 17:17-1 et seq.), applicable to it, and shall have good available assets in excess of its liabilities. The liabilities for the purposes of said chapters 17 to 33, shall be taken to be its capital stock, its outstanding debts and a premium reserve of fifty per cent of the annual premiums on all outstanding bonds, undertakings, recognizances and obligations of like character in force.