Legal suretyship may be given only by a person authorized to conduct a surety business in Louisiana or by a natural person domiciled in this state who owns property in this state that is subject to seizure and is of sufficient value to satisfy the obligation of the surety.
The qualification of a natural person to act as legal surety must be evidenced by his affidavit and the affidavit of the principal obligor.
A legal surety may not raise his lack of qualification as a defense to an action on his contract.
Acts 1987, No. 409, §1, eff. Jan. 1, 1988.