§ 58-73-5. When surety company sufficient surety on bonds and undertakings. - North Carolina Statutes

§58‑73‑5.  When surety company sufficient surety on bonds andundertakings.

A bond or undertaking by thelaws of North Carolina required or permitted to be given by a public official,fiduciary, or a party to an action or proceeding, conditioned for the doing ornot doing of an act specified therein, shall be sufficient when it is executedor guaranteed by a corporation authorized in this State to act as guardian ortrustee, or to guarantee the fidelity of persons holding places of public orprivate trust, or to guarantee the performance of contracts, other thaninsurance policies, or to give or guarantee bonds and undertakings in actionsor proceedings.

The bond or undertaking of acorporation having such power shall be sufficient, although the law or regulationin accordance with which it is given requires two or more sureties, or requiresthe sureties to be residents or freeholders.  But the clerk of the superiorcourt may exercise his discretion as to accepting such a corporation's suretyon the bonds of fiduciaries or parties to actions or proceedings. (1895,c. 270; 1899, c. 54, s. 45; 1901, c. 706; Rev., s. 273; C.S., s. 339.)