38.2-2406 - Requirements deemed met by insurer. - Virginia Statutes

§ 38.2-2406. Requirements deemed met by insurer.

Whenever a bond, undertaking, recognizance, guaranty, or similar obligationis required, permitted, authorized or allowed by any law of thisCommonwealth, or whenever the performance of any act, duty or obligation, orthe refraining from any act, is required, permitted, authorized or allowed tobe secured or guaranteed by any law of this Commonwealth, the bond or similarobligation, or the security or guaranty, may be executed by any fidelity andsurety insurer licensed to execute such instruments. The execution by anyfidelity and surety insurer of a bond, undertaking, recognizance, guaranty orsimilar obligation by its officer, attorney-in-fact, or other authorizedrepresentative shall be accepted as fully complying with every law or otherrequirement, now or hereafter in force, requiring that the bond, undertaking,recognizance, guaranty or similar obligation be given or accepted or that itbe executed by one or more sureties, or that the surety or sureties beresidents, householders or freeholders, or possess any other qualifications.

(1952, c. 317, § 38.1-644; 1986, c. 562.)