107.080. Corporate surety accepted, when. - Missouri Statutes

Corporate surety accepted, when.

107.080. Any company having a paid-up capital of not lessthan two hundred thousand dollars, organized and incorporatedunder the laws of this or any state of the United States, or anyforeign government, for the purpose of transacting the businessof becoming surety on the bonds or obligations of persons orcorporations, or of insuring the fidelity of persons holdingplaces of public or private trust, and which has complied withall the requirements of the law regulating the admission of suchcompanies to transact business in this state, may, on productionof evidence of solvency satisfactory to the court, judge, clerk,head of department or other officer, person or persons authorizedto approve the same, become and be accepted as surety on thebond, recognizance or other writing obligatory of any person orcorporation in or concerning any matter in which the giving of abond or other obligation is authorized, required or permitted bythe laws of the state, and if such surety company shall furnishsatisfactory evidence of its ability to provide all the securityrequired by law, no additional surety may be exacted, but othersurety may, in the discretion of the official authorized toapprove such bond or obligation, be required; and such suretycompany may be released from its liability, on the same terms andconditions as are by law prescribed for the release ofindividuals, it being the true intent and meaning of sections107.070 to 107.090 to enable corporations created for thatpurpose to become surety on any bond, recognizance or otherwriting in the nature of a bond, in the same manner that naturalpersons may, subject to all the rights and liabilities of suchpersons.

(RSMo 1939 § 3239)

Prior revisions: 1929 § 2851; 1919 § 1002; 1909 § 1209