Jamal Awil

← The Social Control of Impersonal Trust

Financial qualifications underpin legal obligations and quickly become outdated. [fact]

A reviewer provided one example of the dilemma: "In the early days of surety bonding, courts commonly asked the surety to give some evidence of his/her ability to make good if the principal should default. But these statements of financial standing were not kept current, so while a surety may have been financially reliable when the suretyship arrangement began, he/she was not necessarily in good financial standing when the principal actually defaulted years later."

QUESTION: Does modern surety bonding require ongoing financial monitoring to keep qualifications current? It seems surprising that historical bonds accepted a one-time check with no updates.

Shapiro, Susan P., The Social Control of Imper…, loc. 126