7-103. Corporate surety; power of attorney; fee
187 words·~1 min read·
/az/title-7/7-103A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. When a bond or undertaking conditioned upon the faithful performance of a duty, or upon doing or refraining from doing anything in the bond or undertaking specified, is by the laws of this state required or permitted to be given with surety, the execution or the guaranteeing of the performance of the condition shall be sufficient when executed or guaranteed solely by a corporation incorporated under the laws of the United States, or of any state, authorized to execute the bond or undertaking within this state, if the bond or undertaking is approved by the court, body or person required to approve or accept it.
An officer or person having the power of approval of a bond shall not exact that it be furnished by a surety company or by a particular surety company.
B. The corporate surety shall file with the clerk of the superior court a power of attorney for each agent of such surety appointed to execute a bond in its behalf. A fee established pursuant to section 12-284 for each such filing shall be paid to the clerk of the superior court.