§ 21-101
246 words·~1 min read·
/md/insurance/21-101A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§21–101.
(a)A surety insurer qualified to act as surety or guarantor under this article may execute:
(1)a bond, undertaking, recognizance, or other obligation that is required or allowed to be made, given, tendered, or filed with a surety by law or in the charter, ordinances, rules, or regulations of a municipal corporation, board, body, organization, court, judge, or public officer; and
(2)a guaranty of the performance of an act, duty, or obligation, or the refraining from an act, that is required or allowed to be guaranteed.
(b)The execution by a qualified surety insurer of a bond, undertaking, recognizance, obligation, or guaranty is in full compliance with each requirement of each law, charter, ordinance, rule, or regulation that:
(1)the bond, undertaking, recognizance, obligation, or guaranty shall be executed by a surety; or
(2)the surety shall be a resident, householder, or freeholder, or either or both, or shall have any other qualifications.
(c)Each court, judge, department head, board, body, municipal corporation, and public officer shall accept a bond, undertaking, recognizance, obligation, or guaranty executed by a qualified surety insurer and treat it as conforming to and fully complying with each requirement of each applicable law, charter, ordinance, rule, or regulation.
(d)A surety insurer may be released from its liability on a bond, undertaking, recognizance, obligation, or guaranty executed under subsection
(a)of this section on the same terms and conditions provided by law for the release of an individual surety.