§ 7-301. Liability of surety on an undertaking. When any undertaking
executed within or without the state specifies that it is to be void
upon payment of an amount or performance of an act, the undertaking
shall be deemed to contain a covenant either to pay the amount or to
perform the act specified. In the event of payment, the amount
recoverable from a surety shall not exceed the amount specified in the
undertaking except that interest in addition to this amount shall be
awarded from the time of default by the surety.