Statute 47-1002a: Release of surety on bond; notice to principal.
Any surety on a bond furnished by any community sale dealer, or
applicant for community sale dealer's license, shall be released and
discharged from any and all liability under said bond accruing on such bond
after the expiration of sixty days from the date upon which such surety
shall have filed with the commissioner a written request to be released and
discharged, but this provision shall not operate to relieve, release, or
discharge the surety from any liability already accrued or which shall
accrue before the expiration of the sixty-day period. The commissioner,
upon receipt of such request, shall promptly notify the principal who
furnished the bond and unless the principal shall on or before the
expiration of the sixty-day period file with the commissioner a new bond
fully complying with the provisions of this act, the commissioner shall
forthwith revoke and cancel such community sale dealer's license and notify
such dealer.
History: L. 1947, ch. 304, § 2; Aug. 1.