foreign surety company

foreign surety company
A corporation organized in one state for the purpose of transacting business as surety on the obligations of persons or corporations, authorized by statute of another state to transact business therein, upon compliance with certain specified conditions, the most common of which is assuring its financial responsibility by tile deposit of securities with a specified officer of the authorizing state. 50 Am J1st Suret § 315.

Ballentine's law dictionary. . 1998.

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