History
Individual Surety Bonds are the original form of suretyship. The earliest known record of a contract of suretyship is a Mesopotamian tablet written around 2750 BC. There is evidence of Individual Surety Bonds in the Code of Hammurabi and in Babylon, Persia, Assyria, Rome, Carthage, the ancient Hebrews and later England.
The Code of Hammurabi, written around 1790 BC, was the first time suretyship was addressed in a written legal code.
It wasn't until 1840 that the first Corporate Surety was organized, The Guarantee Society of London.
In 1865, the Fidelity Insurance Company became the first US Corporate Surety company, but the venture soon failed.
Read more about this topic: Surety Bond
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“The principle that human nature, in its psychological aspects, is nothing more than a product of history and given social relations removes all barriers to coercion and manipulation by the powerful.”
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