Michigan HB 5082 revised the definition of a surety as it pertains to any act that refers to the “posting of a surety” in the Uniform Commercial Code. Gov. Rick Snyder signed the bill into law on April 17, 2012.
A surety was previously defined as “a guarantor.” The new definition called for by HB 5082 includes the phrase “any second obligator.” This change allows the definition to comply with the current American Law Institute’s Restatement of the Law of Surety.
Click here to read HB 5082 in its entirety.