Nrs: Chapter 691B - Sureties

Link to law: https://www.leg.state.nv.us/NRS/NRS-691B.html
Published: 2015

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[Rev. 11/21/2013 1:15:34

PM--2013]



CHAPTER 691B - SURETIES

NRS 691B.010        Applicability

of other provisions.

NRS 691B.020        Corporate

bonds satisfy legal requirements.

NRS 691B.030        Estoppel

to deny power.

_________

_________

 

      NRS 691B.010  Applicability of other provisions.  All

contracts of surety insurance covering subjects located or to be performed in

this state are subject to the applicable provisions of chapter 687B of NRS (the insurance contract),

and to other applicable provisions of this Code.

      (Added to NRS by 1971, 1779)

      NRS 691B.020  Corporate bonds satisfy legal requirements.

      1.  Whenever a bond, undertaking,

recognizance, guaranty or other obligation is required, permitted, authorized

or allowed, or whenever the performance of any act, duty or obligation, or

forbearance is required, permitted, authorized or allowed to be secured or

guaranteed, such bond, undertaking, recognizance or other obligation, or such

security or guaranty, may be executed by an insurer authorized in this state to

transact surety insurance, and such insurers are authorized and empowered to

execute all such instruments.

      2.  In case two or more of such insurers

execute any such instrument, each of such insurers is hereby authorized and

empowered to limit its liability therein to an amount less than the aggregate

penalty of such instrument and also to limit its liability to a pro rata part

of any and all 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 be accepted as and be a full compliance with every law or other

requirement now in force or that may hereafter be enacted or made that such

bond, undertaking, recognizance, guaranty or like obligation be required or

permitted or be executed 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  Estoppel to deny power.  Any

insurer which executes any surety contract as surety shall be estopped, in any

proceeding to enforce the liability which it has assumed to incur, to deny its

power to execute such contract or assume such liability.

      (Added to NRS by 1971, 1780)