Any company with a paid-up cash capital of not less than $250,000, incorporated and organized under the laws of any state of the United States or foreign country, for the purpose of transacting business as surety on obligations of persons or corporations, and which has complied with all the requirements of law regulating the admission of such companies to transact business in this Commonwealth, shall, upon production of evidence of solvency and credit satisfactory to the court or judge or other officer authorized to approve such bond, be accepted as surety upon the bond of any person or corporation required by the laws of this Commonwealth, or by any court, judge or other public officer or board or organization, to execute a bond with surety or sureties. If such surety company shall furnish satisfactory evidence of its ability to provide all the security required as aforesaid, no additional surety shall be exacted. Such surety shall be released from its liability on the same terms and conditions as are by law prescribed for the release of individuals, and shall have all the rights, remedies and reliefs of an individual guarantor, indemnitor or surety, and be subject to all the liabilities thereof.

Terms Used In Virginia Code 49-15

  • Bond with surety: includes the payment in cash of the full amount of the required bond and, in such case, no surety shall be required. See Virginia Code 1-205
  • 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.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • 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.
  • Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
  • State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
  • United States: includes the 50 states, the District of Columbia the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands and the United States Virgin Islands. See Virginia Code 1-255

Code 1919, § 282.

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