Bonds and undertakings

(a) Prerequisites to acceptance of corporate sureties

A corporation must not be accepted or approved as surety on a bond or undertaking unless the following conditions are met:

(1) The Insurance Commissioner has certified the corporation as being admitted to do business in the state as a surety insurer;

(2) There is filed in the office of the clerk a copy, duly certified by the proper authority, of the transcript or record of appointment entitling or authorizing the person or persons purporting to execute the bond or undertaking for and in behalf of the corporation to act in the premises; and

(3) The bond or undertaking has been executed under penalty of perjury as provided in Code of Civil Procedure section 995.630, or the fact of execution of the bond or undertaking by the officer or agent of the corporation purporting to become surety has been duly acknowledged before an officer of this state authorized to take and certify acknowledgements.

(b) Certain persons not eligible to act as sureties

An officer of the court or member of the State Bar may not act as a surety.

(c) Withdrawal of bonds and undertakings

An original bond or undertaking may be withdrawn from the files and delivered to the party by whom it was filed on order of the court only if all parties interested in the obligation so stipulate, or upon a showing that the purpose for which it was filed has been abandoned without any liability having been incurred.