2005 Nevada Revised Statutes - Chapter 691B — Sureties

CHAPTER 691B - SURETIES

NRS 691B.010 Applicabilityof other provisions.

NRS 691B.020 Corporatebonds satisfy legal requirements.

NRS 691B.030 Estoppelto deny power.

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NRS 691B.010 Applicabilityof other provisions. All contracts of suretyinsurance covering subjects located or to be performed in this state aresubject to the applicable provisions of chapter687B of NRS (the insurance contract), and to other applicable provisions ofthis Code.

(Added to NRS by 1971, 1779)

NRS 691B.020 Corporatebonds satisfy legal requirements.

1. Whenever a bond, undertaking, recognizance,guaranty or other obligation is required, permitted, authorized or allowed, orwhenever the performance of any act, duty or obligation, or forbearance isrequired, permitted, authorized or allowed to be secured or guaranteed, suchbond, undertaking, recognizance or other obligation, or such security orguaranty, may be executed by an insurer authorized in this state to transactsurety insurance, and such insurers are authorized and empowered to execute allsuch instruments.

2. In case two or more of such insurers execute anysuch instrument, each of such insurers is hereby authorized and empowered tolimit its liability therein to an amount less than the aggregate penalty ofsuch instrument and also to limit its liability to a pro rata part of any andall losses under such instrument.

3. The execution by any such insurer of such bond,undertaking, recognizance, guaranty or other obligation by an officer,attorney-in-fact or other authorized representative shall be sufficient and beaccepted as and be a full compliance with every law or other requirement now inforce or that may hereafter be enacted or made that such bond, undertaking,recognizance, guaranty or like obligation be required or permitted or beexecuted by a surety or sureties, or that such surety or sureties be residents,householders or freeholders, or possess any other qualifications.

(Added to NRS by 1971, 1779)

NRS 691B.030 Estoppelto deny power. Any insurer which executes anysurety contract as surety shall be estopped, in any proceeding to enforce theliability which it has assumed to incur, to deny its power to execute suchcontract or assume such liability.

(Added to NRS by 1971, 1780)

 

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