                                 CODE OF VIRGINIA

SURETY COMPANIES MAY BE ACCEPTED AS SURETIES ON BONDS; RIGHTS AND LIABILITIES
(§ 49-15)

Any company with a paid-up cash capital of not less than $250,000, incorporated
and organized under the laws of any state of the United States or foreign
country, for the purpose of transacting business as surety on obligations of
persons or corporations, and which has complied with all the requirements of law
regulating the admission of such companies to transact business in this
Commonwealth, shall, upon production of evidence of solvency and credit
satisfactory to the court or judge or other officer authorized to approve such
bond, be accepted as surety upon the bond of any person or corporation required
by the laws of this Commonwealth, or by any court, judge or other public officer
or board or organization, to execute a bond with surety or sureties. If such
surety company shall furnish satisfactory evidence of its ability to provide all
the security required as aforesaid, no additional surety shall be exacted. Such
surety shall be released from its liability on the same terms and conditions as
are by law prescribed for the release of individuals, and shall have all the
rights, remedies and reliefs of an individual guarantor, indemnitor or surety,
and be subject to all the liabilities thereof.

HISTORY: Code 1919, § 282.