16-107-102. Signature of surety conditional upon signature of cosurety no defense — Liability.

Arkansas Code — all titles (historical 2020) · legal_authorities

16-107-102. Signature of surety conditional upon signature of cosurety no defense — Liability.

16-107-102. Signature of surety conditional upon signature of cosurety no defense — Liability. (a) It shall not be a defense in favor of any surety on any bond or obligation that he or she became surety thereon on the condition that the principal obligor should procure the cosuretyship of other persons before the instrument should be delivered. This shall be the case whether the names of the contemplated cosureties appear upon the face of the instrument at the time the condition is stated or are specified in an independent agreement or understanding. (b) In case of every failure to procure the joinder of the contemplated cosureties, the liability of the sureties who actually sign the bond or other obligation shall be as complete and valid as if no condition had been mentioned. The instrument to which their names are signed shall be deemed and taken to all intents and purposes as their obligation.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 16-107-102

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.