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23-63-1003. Insurer's rights as surety same as individual's.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-1003. Insurer's rights as surety same as individual's.
(a) A surety insurer authorized as such under the Arkansas Insurance Code shall have the same power and authority to become surety upon all bonds required by law or desired by contracting parties and shall be vested with the same rights and be subject to all the liabilities as individuals who become sureties on the bonds or contracts.
(b) A surety insurer which is surety upon any bond or contract may be released from its liability thereon on the same terms and conditions as are by law prescribed for the release of individuals as sureties.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-1003
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.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-63-1003
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 5635650bb6bc0998af96448bcbfa4a60b8b0882c99da936c5a4e98c719499c4f
Source location: content.xml paragraph 33014
Stored source content
23-63-1003. Insurer's rights as surety same as individual's.
(a) A surety insurer authorized as such under the Arkansas Insurance Code shall have the same power and authority to become surety upon all bonds required by law or desired by contracting parties and shall be vested with the same rights and be subject to all the liabilities as individuals who become sureties on the bonds or contracts.
(b) A surety insurer which is surety upon any bond or contract may be released from its liability thereon on the same terms and conditions as are by law prescribed for the release of individuals as sureties.
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