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
Famous quotes containing the word history:
“We know only a single science, the science of history. One can look at history from two sides and divide it into the history of nature and the history of men. However, the two sides are not to be divided off; as long as men exist the history of nature and the history of men are mutually conditioned.”
—Karl Marx (1818–1883)
“I am not a literary man.... I am a man of science, and I am interested in that branch of Anthropology which deals with the history of human speech.”
—J.A.H. (James Augustus Henry)
“What would we not give for some great poem to read now, which would be in harmony with the scenery,—for if men read aright, methinks they would never read anything but poems. No history nor philosophy can supply their place.”
—Henry David Thoreau (1817–1862)