36-13-16. Financial standing of personal sureties on bond--Investigation and property statements.
97 words·~1 min read·
/sd/title-36/chapter-36-13/36-13-16A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If a personal surety bond is given under § 36-13-15 , there shall be at least three sureties, each of whom shall justify for the full amount of the bond as a resident and freeholder of this state having unencumbered property in excess of all debts, liabilities, and exemptions allowed by law. The board shall investigate the financial condition of all sureties at least once each year by requiring verified property statements and by such other methods as it may deem advisable. The board may require additional property statements from sureties at any time it may elect.