38-270 - Arizona Statutes

38-270. Supplemental bond upon withdrawal of surety; exception A. When a surety on any official bond gives notice of intention to withdraw therefrom, or is removed or becomes insolvent or becomes otherwise incompetent, the principal shall, within ten days after the notice or disqualification, execute and file, subject to the same conditions as the original, a supplemental bond, in which shall be recited the names of the remaining original sureties, and the name of the new surety, and the amount for which he becomes bound, who is substituted in lieu of the surety released or disqualified. B. When the original bond is given for an amount in excess of the amount required by law, if the withdrawal or removal of any surety does not reduce the bond below the amount required by law to be secured by sureties, then no supplemental or additional bond is necessary. Until the filing and approval of the supplemental bond, the sureties withdrawing or removed on the formed bond are liable for all the acts of their principals.