New Mexico § 46-6-1 - Corporations which may execute surety bonds; no other surety required; approval of bonds

§ 46-6-1. Corporations which may execute surety bonds; no other surety required; approval of bonds

That whenever any recognizance, stipulation, bond or undertaking is required to be

given by the laws of this state, conditioned for the faithful performance of any duty

or from doing or refraining from doing anything in such recognizance, stipulation,

bond or undertaking specified, which bond is now required or permitted to be given

with one or with two or more sureties, the execution of the same, or the guaranteeing

of the performance of the condition thereof shall be sufficient if executed or guaranteed

solely by a corporation incorporated under the laws of the United States or of any

state or territory having power to guarantee the fidelity of persons holding positions

of public or private trust; and to execute guarantee bonds and undertakings in special

proceedings, and in all judicial proceedings: provided, that such company is qualified

under the act of congress entitled “An act relative to recognizances, bonds and undertakings,

and to allow certain corporations to be accepted as surety thereon,” approved August

13, 1894: and, provided further, that said corporation, if not incorporated under

the laws of the state of New Mexico, shall comply with the laws of the state authorizing

foreign corporations to do business therein: and, provided further, that all recognizances,

stipulations, bonds or undertakings executed under the provisions of said sections

shall be subject to the approval and acceptance as to the form and sufficiency of

the execution thereof by the person or authority by law authorized to approve and

accept the same.