A surety insurer having an unrevoked certificate of authority may, upon production of the certificate, be accepted as surety on the bond of any person required by the laws of this State to give bond and may be the only surety necessary to render this bond valid. However, other surety may, in the discretion of the official authorized to approve the bond, be required and the surety may be released from its liability on the same terms and conditions as are by law prescribed for the release of individuals. Corporations becoming this surety have and are subject to all the rights and liabilities of natural persons.
HISTORY: Former 1976 Code Section 38-15-60 [1960 (51) 1664; 1962 Code Section 37-766] recodified as Section 38-19-880 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-13-80 [1947 (45) 322; 1952 Code Section 37-608; 1962 Code Section 37-608] recodified as Section 38-15-60 by 1987 Act No. 155, Section 1.
Structure South Carolina Code of Laws
Section 38-15-10. Special authority required for writing certain bonds; forms of the bonds.
Section 38-15-20. Withdrawal of special authority for writing certain bonds.
Section 38-15-30. Deposit of securities required.
Section 38-15-40. Effect of reduction in value of bonds deposited by surety.
Section 38-15-50. Deposit of cash in trust in lieu of giving bond or depositing securities.
Section 38-15-60. Power to become surety; release; rights and liabilities.
Section 38-15-70. Estoppel to deny power to execute bond or assume liability.
Section 38-15-80. Persons considered agents of surety insurers.