49-15 - Surety companies may be accepted as sureties on bonds; rights and liabilities. - Virginia Statutes

§ 49-15. Surety companies may be accepted as sureties on bonds; rights andliabilities.

Any company with a paid-up cash capital of not less than $250,000,incorporated and organized under the laws of any state of the United Statesor foreign country, for the purpose of transacting business as surety onobligations of persons or corporations, and which has complied with all therequirements of law regulating the admission of such companies to transactbusiness in this Commonwealth, shall, upon production of evidence of solvencyand credit satisfactory to the court or judge or other officer authorized toapprove such bond, be accepted as surety upon the bond of any person orcorporation required by the laws of this Commonwealth, or by any court, judgeor other public officer or board or organization, to execute a bond withsurety or sureties. If such surety company shall furnish satisfactoryevidence of its ability to provide all the security required as aforesaid, noadditional surety shall be exacted. Such surety shall be released from itsliability on the same terms and conditions as are by law prescribed for therelease of individuals, and shall have all the rights, remedies and reliefsof an individual guarantor, indemnitor or surety, and be subject to all theliabilities thereof.

(Code 1919, § 282.)