(a) A personal surety on a bond is sufficient if all of the following conditions are satisfied:
(1) The surety is a person other than the principal. No officer of the court or member of the State Bar shall act as a surety.
(2) The surety is a resident, and either an owner of real property or householder, within the state.
(3) The surety is worth the amount of the bond in real or personal property, or both, situated in this state, over and above all debts and liabilities, exclusive of property exempt from enforcement of a money judgment.
(b) If the amount of a bond exceeds ten thousand dollars ($10,000) and is executed by more than two personal sureties, the worth of a personal surety may be less than the amount of the bond, so long as the aggregate worth of all sureties executing the bond is twice the amount of the bond.
(Added by Stats. 1982, Ch. 998, Sec. 1.)