The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1895-01-02

No. 125.-AN ACT ALLOWING FIDELITY INSURANCE
AND CORPORATE SURETY, AND RELATING THERE
TO.
is hereby enacted By the General assembly of the State Of
Vermont
eEor1oN ANY organized under the laws this State
chartered by other State Government fidelity
insurance and corporate surep and qualified do business
this State may make insurance guarantee fidelity
Of persons holding positions of trust private public employ
men responsibility and may accepted and approved by the
bond, surety upon the official bond undertaking in civil
procedure Of corporation to the United States to the
State Of Vermont or to any county, city, town. public officer or to
any corporation association public private and also act
~ surety upon any bond or undertaking to any person or corpora
ton conditioned the performance of duty trust for
the doing not doing yng in said bond specified and
bonds indemnify against loss person persons who
sponsbe surety or surees upon written instrument or other
wise for the performance by others of Office employment
upon any obligation such company authorized to insure may
surety thereon be accepted such by the
cheney Of such bond undertaking and provision of the laws
this requiring bonds be residents this
shall not be construed forbid the acceptance of qualified foreign
corporation joint sole surety such bond No such
company shall incur IN behalf or on account OF any one person.
partnership association corporation liability for amount
larger than oneenh of its paid up capital unless shall be
ed from loss thereon beyond that by suitable sufficient
collateral agreements of indemnity by deposit with in pledge
value the excess Of its liability over such limit or in case such
liability is incurred in behalf of fducay holding
property trust capacity by such deposit other disposition of
suitable and sufficient portion the held that
Their SALE mortgage pledge other disposition be made thereof
without such company approval by the decree of court
having proper Jurisdiction
SEQ Amy person. partnership, association corporation
holding property for the benefit of another except when acting
under wills allowed trusts created before the passage of this
may make such with the surety sues upon his
official bond shall enable such fduca to said surety
suretes from loss provided by section of this
provided however, that such fducay appointed by the de-
any within this State the approval Of such shall
first be obtained to such covenant
SEQ copy Of such covenant duly acknowledged in the
required for the acknowledgment of deeds of real estate
be filed and recorded follows In the Office of the clerk
register Of the which such ducay obtained his appoint
appointed by the decree of court in the pro-
vded by law for the record of deeds of real estate said
nan real estate mortgages of personal property said
covenant personal property Such records shall be notice
to and binding all persons.
SEC Any money paid in county to any corporation duly
organized authorized this State guaranteeing the
fidelity of persons and acting surety bonds
for acting surety official bond given such probate
Judge may be allowed in his discretion charge against the
estate in which such bond is required
SEC. 5. This act shall take effect upon it's passage
Approved November 27 1894