Affidavit of surety; value of property
Sec. 5. Each personal surety shall execute and file with the court
an affidavit that he owns real property, subject to execution, of a
value over and above his liabilities, equal to the amount of the bond,
and shall include in such affidavit the total amount of his obligations
as surety on other official or statutory bonds.
If the amount of the bond exceeds $1,000, the affidavit shall also
state:
(a) An adequate description of the real property within this state
offered by him as security.
(b) The total amount of the liens, unpaid taxes, other bonds
executed and other encumbrances on the property so offered by him
as security.
(c) The assessed and market value of such property and the value
of the surety's equity over and above all encumbrances, liens, and
unpaid taxes.
(d) That the equity in such property so offered is equal to the
amount of the bond.
The only provision of this section which shall apply in counties
in this state having a population of less than fifty thousand (50,000)
according to the last preceding United States census, is the provision
that each personal surety shall execute and file with the court an
affidavit that he owns real property, subject to execution, of a value
over and above his liabilities, including contingent liabilities equal
to the amount of the bond.
(Formerly: Acts 1953, c.112, s.1105.)
Last modified: May 27, 2006