Published: 2015-07-08
Key Benefits:
(a) A personal surety on a bond is sufficient if all of the following conditions are satisfied:
(1) The surety is a person other than the principal. No officer of the court or member of the State Bar shall act as a surety.
(2) The surety is a resident, and either an owner of real property or householder, within the state.
(3) The surety is worth the amount of the bond in real or personal property, or both, situated in this state, over and above all debts and liabilities, exclusive of property exempt from enforcement of a money judgment.
(b) If the amount of a bond exceeds ten thousand dollars ($10,000) and is executed by more than two personal sureties, the worth of a personal surety may be less than the amount of the bond, so long as the aggregate worth of all sureties executing the bond is twice the amount of the bond.
(Added by Stats. 1982, Ch. 998, Sec. 1.)
(a) A bond executed by personal sureties shall be accompanied by an affidavit of qualifications of each surety.
(b) The affidavit shall contain all of the following information:
(1) The name, occupation, residence address, and business address (if any) of the surety.
(2) A statement that the surety is a resident, and either an owner of real property or householder, within the state.
(3) A statement that the surety is worth the amount of the bond in real or personal property, or both, situated in this state, over and above all debts and liabilities, exclusive of property exempt from enforcement of a money judgment.
(c) If the amount of the bond exceeds five thousand dollars ($5,000), the affidavit shall contain, in addition to the information required by subdivision (b), all of the following information:
(1) A description sufficient for identification of real and personal property of the surety situated in this state and the nature of the surety’s interest therein that qualifies the surety on the bond.
(2) The surety’s best estimate of the fair market value of each item of property.
(3) A statement of any charge or lien and its amount, known to the surety, whether of public record or not, against any item of property.
(4) Any other impediment or cloud known to the surety on the free right of possession, use, benefit, or enjoyment of the property.
(d) If the amount of the bond exceeds ten thousand dollars ($10,000) and is executed by more than two sureties, the affidavit may state that the surety is worth less than the amount of the bond and the bond may stipulate that the liability of the surety is limited to the worth of the surety stated in the affidavit, so long as the aggregate worth of all sureties executing the bond is twice the amount of the bond.
(Added by Stats. 1982, Ch. 998, Sec. 1.)