{"data":{"id":"us-ky/krs-304.21-050","jurisdiction":"us-ky","citation":"KRS 304.21-050","heading":"Corporate bonds satisfy legal requirements.","body":"(1) Whenever a bond, undertaking, recognizance, guaranty or other obligation is\nrequired, permitted, authorized or allowed, or whenever the performance of any act,\nduty or obligation, or forbearance is required, permitted, authorized or allowed to be\nsecured or guaranteed, such bond, undertaking, recognizance or other obligation, or\nsuch security or guaranty, may be executed by an insurer authorized in this state to\ntransact surety insurance, and such insurers are authorized and empowered to\nexecute all such instruments.\n(2) In case two (2) or more of such insurers execute any such instrument, each of such\ninsurers is hereby authorized and empowered to limit its liability therein to an\namount less than the aggregate penalty of such instrument and also to limit its\nliability to a pro rata part of any and all losses under such instrument.\n(3) The execution by any such insurer of such bond, undertaking, recognizance,\nguaranty or other obligation by an officer, attorney -in-fact or other authorized\nrepresentative shall be sufficient and be accepted as and be a full compliance with\nevery law or other requirement now in force or that may, hereafter be enacted or\nmade, that such bond, undertaking, recognizance, guaranty or like obligation be\nrequired or permitted to be executed by a surety or sureties, or that such surety or\nsureties be residents, householders or freeholders, or possess any other\nqualifications.\n(4) An insurer may be released from its liability on the same terms and conditions as\nare by law prescribed for the release of individuals.\n(5) It is the true intent and meaning of this section to enable corporations for that\npurpose to become surety on bonds required by law, subject to all the rights and\nliabilities of private individuals.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29519","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:50Z","sha256":"39aff8025dba78528ce804d65a74f46c1c99015f6b13cae1e91b78ccf41fefb1","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.21-040","next":"us-ky/krs-304.21-060"},"notice":"GroundRules: Original legal text. Not legal advice."}