That any company who shall execute or guarantee any recognizance, stipulation, bond or undertaking shall be estopped in any proceeding to enforce the liability which it shall have assumed to incur, to deny its corporate power to execute or guarantee such instrument or assume such liability.
History: Laws 1899, ch. 41, § 5; Code 1915, § 510; C.S. 1929, § 17-106; 1941 Comp., § 28-106; 1953 Comp., § 28-1-6.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Judgment against the principal is conclusive, absent fraud or collusion. State ex rel. Dar Tile Co. v. Glens Falls Ins. Co., 1967-NMSC-206, 78 N.M. 435, 432 P.2d 400.
Judgments against principal may not be collaterally attacked by surety because it is claimed that attorneys' fees are not a proper element of damages in a suit based upon a statutory contractor's bond. State ex rel. Dar Tile Co. v. Glens Falls Ins. Co., 1967-NMSC-206, 78 N.M. 435, 432 P.2d 400.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 74 Am. Jur. 2d Suretyship § 85.
What constitutes action on bond, executed under law of United States, so as to be within Federal District Court's jurisdiction under 28 USCS § 1352, 105 A.L.R. Fed. 716.
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