A great part of the surety business is now sought for and managed by incorporated companies, and most of the states have by statute opened the way for the creation and operation of corporations transacting such business. Where the charter of the corporation permits them, and the law accepts them, surety companies may act as sole surety in the matter of private obligations, or in official business as the surety upon the bonds of public officers.18

15 Waterbury vs. Andrews, 67 Mich., 281. 16 Casoni vs. Jerome, 58 N. Y., 315.

17 Doughty vs. Savage, 28 Conn., 146; Sooy vs. State, 39 N. J. Law, 135.

As to the validity of statutes, we quote from Brandt on Suretyship, Vol. 1, Sec. 14: "Statutes authorizing the organization of corporations for the purpose of guranteeing bonds and undertaking as well the fidelity of persons holding positions of public or private trust, are held valid and such companies may lawfully become liable as sureties or guarantors."19

18 Travis vs. Travis, 48 Hun., 343.

19 Hurd vs. Hannibal & St. Job. R.

R. Co., 33 Hun., 169; Cramer vs. Tittle, 72 Calif., 12.