The state of Pennsylvania enacted HB 1152 regarding the Uniform Commercial Code. The new law, enacted on 04/16/2008, conforms the Uniform Commercial Code to the Restatement of the Law of Surety by way of the American Law Institute. In the midst of the numerous modifications, a surety is now defined to consist of any “other secondary obligor” as well as the existing classification as a “guarantor.” HB 1152 became active 60 days after its own enactment on June 16, 2008.
Eric is the Webmaster of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.