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.