An insurer which executes any bond or undertaking of surety under this chapter is estopped, in any proceeding to enforce the liability which it has assumed to incur, from denying its corporate power to execute the bond or assume the liability.
HISTORY: Former 1976 Code Section 38-15-70 [1962 Code Section 37-767; 1960 (51) 1664] recodified as Section 38-19-890 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-13-90 [1947 (45) 322; 1952 Code Section 37-609; 1962 Code Section 37-609] recodified as Section 38-15-70 by 1987 Act No. 155, Section 1.