Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1899-05-09
RECOGNIZANCE And BONDS.
An Act in Reference to Bonds and Stipula-
lions REQUIRED by the Territorial Laws.

lions Required by the Territorial Laws.
The regulations in reference TO re-
cognizances, bonds and stipulations, re-
CURED by the laws of New Mexico, and
for other purposes, read as follows:
Section THAT whenever any re-
cognizance, stipulation, bond or under
taking is required to be given by the
laws of said territory, conditioned for
the faithful performance of any duty.
OF from doing or refraining from doing
anything in such recognizance, stipula-
ton, bond or undertaking specified,
which bond is now required or permit
ted to be oiven 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 suffi-
cient 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 guar
antee the fidelity of persons holding po-
sitions of public or private trust, and to
execute guarantee bonds and undertake
ings in special proceedings, and in all
judicial proceedings, provided that such
company is qualified under the act of
congress entitled IAN act relative to re-
cognizances, bonds and undertakings,
and to allow certain corporations to be
accepted as surety thereon approved
August 10, 1894; and, provided further,
that said corporation, if not Incorporate
ed under the laws of the Territory of
New Mexico, shall in addition to the
said certificate provided for in this act,
also comply with the laws of the terri
tory authorizing foreign corporations to
do business in said territory, and, pro-
vided further, that all recognizances,
stipulations, bonds or undertakings ex-
ecuted under the provisions of this act
shall be subject to the approval and ac-
ceptance as to the form and sufficiency
OF the execution thereof by the person
or authority by law authorized to APP
prove and accept the same.
Sec. 2.-That any receiver, assignee,
guardian, trustee, committee, executor,
ldloi VI OlItI lluutldEy It-
quired by law or the order of any court
or judge, of this territory, to give a bond
or other obligation as such, may include
as a part of the lawful expense Of exc
paid a company authorized under the
laws of this territory so to do. for be-
coming his surety IN such bond as may
be allowed by the court in which, or a
judge before whom, he is required to
account, not exceeding l per cent per
annum on the amount of such bond;
n in all actions and proceedings a
party entitled to recover costs therein
shall be allowed and may tax and re-
cover such sum paid such a company
for executing any bond, recognizance,
undertaking, stipulation or other obli-
cation therein, not exceeding, however,
l per cent on the amount of such bond,
recognizance, undertaking, stipulation
or other obligation, during each year
the same has been in force.
Sec. 3.-When any surety upon the
official bond of n trustee, committee,
guardian, assignee, receiver, executor.
administrator or other fiduciary in this
territory shall desire to be released from
such obligation, such surety may file
his application for such release in the
court having jurisdiction of such fidu-
ciary, and thereupon the clerk of such
court shall issue, under the seal thereof,
a notice to such fiduciary, requiring him
or her to furnish a new bond, with sure
ties to be approved by the court, within
20 days from the date of the service of
said notice. Such notice may be served
in the n provided by law for the
service of a summons in civil actions. If
such f1duciary shall fail to furnish such
bond within the time h~ereinbefore pre-
scribed he or she may be summarily re-
moved from office, and a new trustee,
committee, guardian, assignee, receiver,
executor, administrator or other fiduci-
airy forthwith appointed. From and
after the time when such new bond is
furnished, or such new fiduciary APP
pointed, the surety making such appli-
cation shall be released from all liabil-
ity upon the said bond, except for such
default or other misconduct on the part
Of such fiduciary as occurred prior
thereto.
1t is further provided that in case of
the release or the withdrawal of any
surety as provided in this act, and in
case the principal shall account in due
form of law for all his acts and doings,
and all trust funds or estate, her the
unearned portion of any premium paid
to such surety shall be refunded and re-
paid by the said surety or such sureties
as aforesaid.
Sec. 4.-That if any company author
lied to do business in this territory IN
der this act shall neglect or refuse to
pay any final judgment or decree rem
dered against it upon any such recogni-
zance, stipulation, bond or undertaking
made or guaranteed by it under the pro-
visions Of this act, from which no ap-
peal, writ of error, or supersedeas has
been taken, for 80 days after the rendi-
ton of such judgment or decree it shall
forfeit all right to do business under
this act.
Sec. 5.-That any company which
shall execute or guarantee any %recogni-
zance, stipulation, bond or undertaking