38.2-121 - Surety. - Virginia Statutes

§ 38.2-121. Surety.

"Surety insurance" means:

1. Becoming surety or guarantor for any person, in any public or privateposition or place of trust, whether the guarantee is in an individual,schedule or blanket form; or

2. Becoming surety on or guaranteeing the performance of any lawfulobligation, undertaking, agreement, or contract, including reinsurancecontracts connected therewith, except policies of insurance; or

3. Becoming surety on or guaranteeing the performance of bonds andundertakings required or permitted in all judicial proceedings or otherwiseallowed by law, including surety bonds accepted by state and municipalauthorities in lieu of deposits as security for the performance of insurancecontracts.

(1952, c. 317, § 38.1-18; 1986, c. 562.)