Indiana § 6-6-1.1-409 Release of surety of distributor's bond or institution issuing letter of
credit; retaining cash deposit; notice; cancellation of license

Indiana Statutes

§ 6-6-1.1-409 — Release of surety of distributor's bond or institution issuing letter of credit; retaining cash deposit; notice; cancellation of license

Indiana § 6-6-1.1-409

Art. 6MOTOR FUEL AND VEHICLE EXCISE TAXES

Ch. 1.1Gasoline Tax

This text of Indiana § 6-6-1.1-409 (Release of surety of distributor's bond or institution issuing letter of credit; retaining cash deposit; notice; cancellation of license) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 6-6-1.1-409 (2026).

Text

(a)Sixty (60) days after making a written request for release to the administrator, the surety of a bond furnished by a distributor is released from any liability to the state accruing on the bond after the sixty (60) day period. The release does not affect any liability accruing before the expiration of the sixty (60) day period.

(b)One hundred eighty (180) days after making a written request for release to the administrator, the financial institution issuing the letter of credit for a distributor is released from any liability accruing on the letter of credit.

(c)The administrator shall promptly notify the distributor furnishing the bond or letter of credit that a release has been requested, and unless the distributor obtains a new bond or letter of credit which meets the requirements

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(a) Sixty (60) days after making a written
request for release to the administrator, the surety of a bond furnished
by a distributor is released from any liability to the state accruing on
the bond after the sixty (60) day period. The release does not affect any
liability accruing before the expiration of the sixty (60) day period.
(b) One hundred eighty (180) days after making a written request for
release to the administrator, the financial institution issuing the letter
of credit for a distributor is released from any liability accruing on the
letter of credit.
(c) The administrator shall promptly notify the distributor furnishing
the bond or letter of credit that a release has been requested, and unless
the distributor obtains a new bond or letter of credit which meets the
requirements of section 406 of this chapter and files with the
administrator:
(1) the new bond within the sixty (60) day period; or
(2) the new letter of credit within the one hundred eighty (180)
day period;
the administrator shall cancel the distributor's license.
(d) Sixty (60) days after making a written request for release to the
administrator, the cash deposit provided by a distributor is cancelled as
security for any obligation accruing after the expiration of the sixty (60)
day period. However, the administrator may retain all or part of the
cash deposit for up to three (3) years and one (1) day as security for any
obligations accruing before the effective date of the cancellation. Any
part of the deposit that is not retained by the administrator shall be
released to the distributor. Before the expiration of the sixty (60) day
period, the distributor must provide the administrator with a bond or
letter of credit that satisfies section 406 of this chapter, or the
administrator shall cancel the distributor's license.
As added by Acts 1979, P.L.79, SEC.1. Amended by
P.L.97-1987, SEC.7.