Surety Bond SB 2419 amended
Mississippi’s Uniform Commercial Code to conform to the Restatement of the Law of Surety by the American Law Institute (ALI). Among the several revisions, a surety is further defined to include any “other secondary obligor” in addition to the existing definition as a “guarantor.” The ALI referred to sureties as “secondary obligors” and this new terminology has caused states to amend their versions of the Uniform Commercial Code to contain the reference to surety as “any other secondary obligor.” These changes to the law have no substantive impact on surety. The new law became effective on July 1, 2010.