No insurer is relieved of its liability upon any bond of a city, county, or state officer because the books and accounts of the principal have been examined and approved as correct by the proper authorities when in fact there has been a breach of the bond of the officer and a loss accruing from this breach. In case of default upon the bond, the city, county, or state authorities have all the remedies against the principal and sureties upon the bonds as are provided by law.
HISTORY: Former 1976 Code Section 38-13-110 [1947 (45) 322; 1952 Code Section 37-611; 1962 Code Section 37-611] and Section 38-13-120 [1947 (45) 322; 1952 Code Section 37-612; 1962 Code Section 37-612] recodified as Section 38-15-90 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.
Section 38-15-90. Approval of public officer's books and accounts does not release his surety; remedy in case of default.