§ 7.1-3-1-12 — Cancellation of surety bond

Cancellation of Surety Bond. A surety may
not cancel or annul a surety bond filed in accordance with the
provisions of this title after it has been approved by the commission.
However, a surety, with the consent of the commission, may cancel a
bond and be released from liability accruing after the effective date of
the cancellation. The commission shall not approve a cancellation until
the surety has paid and discharged in full its liability to the state on the
bond to the date of the approval of the cancellation.
[Pre-1973 Recodification Citation: 7-1-1-42(f).]
Formerly: Acts 1973, P.L.55, SEC.1.