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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>82253</law_id><section_number>38.2-121</section_number><catch_line>Surety</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>38.2-2400</reference><reference>38.2-2503</reference><reference>38.2-317</reference><reference>9.1-185</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="38.2">Insurance</unit><unit label="chapter" level="2" order_by="1" identifier="1">General Provisions</unit><unit label="article" level="3" order_by="1" identifier="2">Insurance Classified and Defined</unit></structure><text>
						<section><p>&#x201C;<span class="dictionary">Surety</span> <span class="dictionary">insurance</span>&#x201D; means:</p></section>
						<section id="1"><p><span class="prefix-number">1.</span> Becoming <span class="dictionary">surety</span> or guarantor for any <span class="dictionary">person</span>, in any public or private position or place of trust, whether the guarantee is in an individual, schedule or blanket form; or <a id="paragraph-294775" class="section-permalink" href="https://vacode.org/38.2-121/#1"><i class="fa fa-link"/></a></p></section>
						<section id="2"><p><span class="prefix-number">2.</span> Becoming <span class="dictionary">surety</span> on or guaranteeing the performance of any lawful obligation, undertaking, agreement, or <span class="dictionary">contract</span>, including reinsurance <span class="dictionary">contracts</span> connected therewith, except policies of <span class="dictionary">insurance</span>; or <a id="paragraph-294776" class="section-permalink" href="https://vacode.org/38.2-121/#2"><i class="fa fa-link"/></a></p></section>
						<section id="3"><p><span class="prefix-number">3.</span> Becoming <span class="dictionary">surety</span> on or guaranteeing the performance of <span class="dictionary">bonds</span> and undertakings required or permitted in all judicial proceedings or otherwise allowed by <span class="dictionary">law</span>, including <span class="dictionary">surety</span> <span class="dictionary">bonds</span> accepted by <span class="dictionary">state</span> and municipal authorities in lieu of deposits as security for the performance of <span class="dictionary">insurance contracts</span>. <a id="paragraph-294777" class="section-permalink" href="https://vacode.org/38.2-121/#3"><i class="fa fa-link"/></a></p></section></text><history>1952, c. 317, &#xA7; 38.1-18; 1986, c. 562.</history><metadata></metadata></law>
