Pennsylvania Act 1885-149 — SURETY BONDS, CORPORATIONS

Act text

SURETY BONDS, CORPORATIONS
                 Act of Jun. 25, 1885, P.L. 181, No. 149              Cl. 40
                                  AN ACT

     To authorize certain corporations to become sole surety for the
        faithful performance of any trust or duty, and to authorize
        certain officers to approve the same.

        Section 1.  Corporations may become sole surety
        Whenever any person individually, or in any public or private
     trust, who is now or hereafter may be required or permitted by
     law to make or execute or give a bond, or undertaking with
     security, conditioned for the faithful performance of any duty,
     or for the doing or not doing of anything in said bond or
     undertaking specified, any head of a department, judge of the
     supreme court or prothonotary thereof, judge of the court of
     common pleas or prothonotary thereof, judge of the orphans'
     court, register of wills, sheriff, magistrate, or any other
     officer who is now or shall be hereafter required to approve the
     sufficiency of any such bond or undertaking, shall approve the
     same whenever the conditions of such bond or undertaking are
     guaranteed by a company duly authorized by the Insurance
     Department of this State to do business in this State and
     authorized to guarantee the fidelity of persons holding
     positions of public or private trust, and whenever such company
     has filed, in the office of the prothonotary of the county in
     which the said bond is to be approved, a certificate issued by
     the insurance commissioner of the state authorizing it to become
     surety on all bonds, obligations, and undertakings, and until
     such certificate has been revoked by the insurance commissioner.
        Such certificate shall be conclusive proof of the solvency
     and credit of such company for all purposes, and of its
     qualifications to be so accepted as such sole surety, and its
     sufficiency as such.  1885, June 25, P.L. 181, Sec. 1; 1923,
     June 29, P.L. 943, Sec. 1.