Virginia Code 49-16: Allowance of expense of procuring corporate surety
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Any court, judge or other officer whose duty it is to pass upon the account of any person or corporation required to execute a bond with surety or sureties, as hereinbefore provided, shall, whenever any such person or corporation has given any such surety company as surety upon such bond, allow in the settlement of such account a reasonable sum for the expense of securing such surety; but this allowance shall not be made to any state, county, or municipal officer.
Terms Used In Virginia Code 49-16
- Bond with surety: includes the payment in cash of the full amount of the required bond and, in such case, no surety shall be required. See Virginia Code 1-205
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
Code 1919, § 283.