Arkansas § 26-55-225 Bonds - New bonds - Conditions for requirement

Arkansas Statutes

§ 26-55-225 — Bonds - New bonds - Conditions for requirement

Arkansas § 26-55-225

Title26

This text of Arkansas § 26-55-225 (Bonds - New bonds - Conditions for requirement) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 26-55-225 (2026).

Text

(a)In the event that liability upon the bond thus filed by the distributor with the Secretary of the Department of Finance and Administration shall be discharged or reduced, whether by judgment rendered, payment made, or otherwise, or if in the opinion of the secretary any surety on the bond theretofore given shall have become unsatisfactory or unacceptable, then the secretary may require the distributor to file a new bond with a satisfactory surety in the same form and amount, failing which the secretary shall immediately cancel the license certificate of said distributor.

(b)If the new bond is furnished by the distributor as above provided, the secretary shall cancel and surrender the bond of the distributor for which the new bond shall be substituted.

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(a) In the event that liability upon the bond thus filed by the distributor with the Secretary of the Department of Finance and Administration shall be discharged or reduced, whether by judgment rendered, payment made, or otherwise, or if in the opinion of the secretary any surety on the bond theretofore given shall have become unsatisfactory or unacceptable, then the secretary may require the distributor to file a new bond with a satisfactory surety in the same form and amount, failing which the secretary shall immediately cancel the license certificate of said distributor. (b) If the new bond is furnished by the distributor as above provided, the secretary shall cancel and surrender the bond of the distributor for which the new bond shall be substituted.