Corporations May Become Sureties

In all cases where an undertaking or bond, with any number of sureties, is authorized or required by any provision of this Title, or of any law of Guam, any corporation incorporated under the laws of Guam or any state of COL3242015 CH. 26 MISCELLANEOUS PROVISIONS the United States for the purpose of making, guaranteeing, or becoming a surety upon bonds or undertakings required or authorized by law, or which, by the laws of the state where it was originally incorporated has such power, and which shall have complied with all the requirements of the law of Guam regulating the formation, licensing, or admission of those corporations to transact such business in Guam, may become and may be accepted as sole and sufficient surety upon such undertaking or bond, and such corporate surety shall be subject to all the liabilities and entitled to all the rights of natural persons' sureties. Any undertaking or bond furnished under this section must be approved by the judge of the court having jurisdiction before it shall be deemed to be in effect.