N.D. Cent. Code § 4.1-59-11
This is the official text of N.D. Cent. Code § 4.1-59-11, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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4.1-59-11. Bond cancellation - Release of surety
Official statutory text
4.1-59-11. Bond cancellation - Release of surety
The surety on a bond is released from all future liability accruing on the bond after the
expiration of ninety days from the date of receipt by the commissioner of notice of cancellation
by the surety or on a later date specified by the surety. This provision does not operate to
relieve, release, or discharge the surety from any liability already accrued or which accrues
before the expiration of the ninety-day period. Unless the grain buyer files a new bond at least
thirty days before liability ceases, the commissioner, without hearing, immediately shall suspend
the grain buyer's license and the suspension may not be removed until a new bond has been
filed and approved by the commissioner.
The surety on a bond is released from all future liability accruing on the bond after the
expiration of ninety days from the date of receipt by the commissioner of notice of cancellation
by the surety or on a later date specified by the surety. This provision does not operate to
relieve, release, or discharge the surety from any liability already accrued or which accrues
before the expiration of the ninety-day period. Unless the grain buyer files a new bond at least
thirty days before liability ceases, the commissioner, without hearing, immediately shall suspend
the grain buyer's license and the suspension may not be removed until a new bond has been
filed and approved by the commissioner.
Status: in_force · Read it on the official government site
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