Any fidelity and surety insurer shall be released from its liability on the same terms and conditions as are prescribed by law for the release of individuals. Any fidelity and surety insurer shall have all the rights, remedies and relief to which an individual guarantor, indemnitor, or surety is entitled.

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Terms Used In Virginia Code 38.2-2413

  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Insurer: means an insurance company. See Virginia Code 38.2-100

Code 1950, § 38-333; 1952, c. 317, § 38.1-649; 1986, c. 562.

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