Corporate Surety

Sec.  10.  Corporate  surety.  –  Any  domestic  or  foreign  corporation, licensed   as   a   surety   in   accordance   with   law   and   currently authorized  to  act  as  such,  may  provide  bail  by  a  bond  subscribed jointly  by  the  accused  and  an  officer  of  the  corporation  duly authorized by its board of directors.

CAN  THE  COURT  REFUSE  TO  ACCEPT  A  CORPORATE  SURETY  AND REQUIRE INSTEAD THE POSTING OF A CASH BOND?

> No,  the  trial  court  may  not  reject  otherwise  acceptable  sureties and  insist  that  the  accused  obtain  his  provisional  liberty  only through a cash bond

> The  posting  of  the  cash  bond  would  entail  a  transfer  of  assets into the possession of the court, and its procurement could work untold hardship on the part of the accused as to have the effect of altogether denying the accused’s constitutional right to bail.   

> On  the  other  hand,  a  surety  bond  may  be  obtained  by  the accused by the payment of a relatively small premium.  A surety or property bond doesn't require an actual financial outlay on the part of the bondsmand or property owner.

> It  is  only  the  reputation  or  credit  standing  of  the  bondsman  or the expectancy of the price at which the property can be sold is placed in the hands of the  court to guarantee the production of the  body  of  the  accused  at  the  various  proceedings  leading  to conviction or acquittal.