OF PRINCIPAL AND SURETY.
AN ACT AUTHORIZING CERTAIN TRUST COMPANIES IN THIS STATE TO GIVE BOND FOR THE FAITHFUL PERFORMANCE OF THEIR DUTIES, WITIIOUT REQUIRING SUCH COMPANIES TO GIVE SURETY ON SUCH BONDS.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met (two-thirds of the members elected to each House concurring therein) as follows:
Section I. Whenever any court, judge or officer which or who may now or hereafter be authorized by law to appoint any person or corporation to any office of trust such court, judge or officer may, in its or his discretion, appoint to such office any Trust company incorporated under the laws of this State, and having its principal office or place of business in this State, provided the said court, judge or officer shall be satisfied that the capital stock of such corporation shall have been fully paid in cash, and that such corporation is authorized by its charter to perform the duties of the said office.
Section 2. Whenever such corporation may be so appointed to such office of trust the court, judge or officer making the appointment may, in its or his discretion, not require the said corporation to give surety on any bond given by it for the faithful performance of its duties, but all of the capital stock, surplus and property owned by such corporation shall be specially and primarily liable for the obligation of the said corporation while acting in such trust capacity. And it is hereby further declared that all liabilities and obligations arising from or growing out of any such trusts shall be and are hereby made liens upon its real estate prior and paramount to any other lien or encumbrance the said corporation may create or suffer respecting the same.
Approved March 23, A. D. 1903.