2010 Arizona Revised Statutes
Title 38 - Public Officers and Employees
38-258 Limitation of liability by sureties
|
38-258. Limitation of liability by sureties When the penal amount of any bond required to be given amounts to more than one thousand dollars, the sureties may become severally liable for portions of not less than five hundred dollars thereof, making in the aggregate at least two sureties for the whole penal sum. If any such bond becomes forfeited, action may be brought thereon against all or any number of the obligors and judgment entered against them, either jointly or severally as they are liable. The judgment shall not be entered against a surety severally bound for a greater amount than that for which he is specifically liable by the terms of the bond. Each surety is liable to contribution of his cosureties in proportion to the amount for which he is liable. |
Disclaimer: These codes may not be the most recent version. Arizona may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
