33-24-48
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33-24-48.
Any
surety insurance company or any other corporation or company that may do a
surety insurance business, incorporated and organized under the laws of this
state or of any other state or a foreign country for the purpose of transacting
the business of surety insurance, which has complied with all requirements of
law for license to transact business in this state, upon proper proof of
compliance and upon production of evidence of solvency and credit satisfactory
to the judge, head of the department, or other officer or officers authorized to
approve and accept bonds, may be accepted as surety upon the bond of any person,
company, or corporation required by law to execute bonds in lieu of any surety
or sureties otherwise required by law. Any surety insurance company or other
company doing a surety insurance business may be released from its liability on
the bond on the same terms and conditions as are prescribed by law for the
release of individuals, it being the purpose of this Code section to enable the
companies and corporations doing a surety insurance business to become sureties
on all bonds required by law to be taken with all the rights and subject to all
the liabilities of individual sureties.