An insurer which executes any bond or undertaking of surety under this chapter is estopped, in any proceeding to enforce the liability which it has assumed to incur, from denying its corporate power to execute the bond or assume the liability.
HISTORY: Former 1976 Code Section 38-15-70 [1962 Code Section 37-767; 1960 (51) 1664] recodified as Section 38-19-890 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-13-90 [1947 (45) 322; 1952 Code Section 37-609; 1962 Code Section 37-609] recodified as Section 38-15-70 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.