Against this backdrop of the State Legislature having defined suretyship
as a "kind of insurance" and a surety bond as a "contract of insurance", the legislative precedent for using the term "policy" to include surety contracts, the Superintendent's longstanding construction of the statutory term "policy" as including surety contracts, and the New York appellate decisions referring to and construing surety "bonds" as "policies", it is clear that the Legislature used the term "policy" within Insurance Law [section] 7434 (a) (1) (ii) in its ordinary sense of referring to "a document containing a contract of insurance" (Black's Law Dictionary [9th ed 2009]).
The specific goal of this article is to compare the legal regimes attaching to suretyship
and solidarity in order to determine whether one or the other may be helpful in understanding the relations that arise between parties to an imperfect delegation.
by which the future obligation is secured is contracted for a fixed period, it terminates on the day of maturity of the time-limit of suretyship
if the obligation did not arise before the expiration of this time-limit.
Understanding the Differences Between Insurance and Suretyship
perhaps that is just when a little extra effort to verify corporate suretyship
could save you and your company much distress and loss by avoiding the old "new" trap of personal sureties.
As early as 1912, Williston observed that the Uniform Negotiable Instruments law apparently reversed the rule of suretyship
and permitted the creditor to covenant not to sue the principal debtor and to continue to have rights against a surety.
The last published textbook on suretyship
remained the fifth edition of The Law of Suretyship
, by Steams, published in 1951.
Absent a clear legislative directive, the court concluded that suretyship
, as historically understood in the insurance and suretyship
fields, does not constitute the business of insurance under Article 21.
official sales representatives of manufacturing plants who provided originals or certified copies of contracts of suretyship
or agency agreements with manufacturing enterprises with an indication of the duration of these contracts.
Deposits and Guarantees required: The bidder must (irrespective of the value of the bid) as a tender guarantee, enclose the original bank guarantee or suretyship
for bid in the amount of 5 000 EUR.