North Dakota § 4.1-59-11 Bond cancellation - Release of surety

North Dakota Statutes

§ 4.1-59-11 — Bond cancellation - Release of surety

North Dakota·Title 4.1 Agriculture·Ch. 4.1-59 Grain Buyers

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.

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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.

North Dakota § 4.1-59-11 (Bond cancellation - Release of surety) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.