(1) Whenever any bond, undertaking, recognizance, or other obligation is, by law or
the charter, ordinance, rules, or regulations of any municipality, board, body, organization,
court, judge, or public officer, required or permitted to be made, given, tendered,
or filed with surety and whenever the performance of any act, duty, contract, or obligation
or the refraining from any act is required or permitted to be guaranteed, such bond,
undertaking, obligation, recognizance, or guaranty may be executed as surety by a
company qualified as provided in this title. Such execution by the company of such bond, undertaking, obligation, recognizance,
or guaranty shall be in all respects a full and complete compliance with every requirement
of every law, charter, ordinance, rule, or regulation that the bond, undertaking,
obligation, recognizance, or guaranty was executed by one or more sureties or that
sureties shall be residents or householders or freeholders, or either, or both, or
possess any other qualifications.
(2) All courts, judges, heads of departments, boards, bodies, municipalities, and
public officers of every character shall accept and treat such bond, undertaking,
obligation, recognizance, or guaranty, when so executed by such company, as conforming
to and fully and completely complying with every such requirement of every such law,
charter, ordinance, rule, or regulation; except that such company may be required
to justify, in such terms and for such amounts as may be satisfactory, to the court,
person, or body authorized to approve such surety.
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