South Dakota § 5-21-7 Pro rata distribution among claimants if bond insufficient--Surety relieved from liability by payment into court.

South Dakota Statutes

§ 5-21-7 — Pro rata distribution among claimants if bond insufficient--Surety relieved from liability by payment into court.

South Dakota·Title 5 PUBLIC PROPERTY, PURCHASES AND CONTRACTS·Ch. 5-21 PERFORMANCE BONDS FOR PUBLIC IMPROVEMENT CONTRACTS

If recovery on the bond should be inadequate to pay the amounts found due all such persons, judgment shall be given to each person for his pro rata of the amount of recovery. The surety company may pay into court for distribution among such claimants and creditors the full amount of the penalty named in the bond, less any amount which such surety company may have paid to the public corporation by reason of the execution of such bond, and upon so doing the surety company shall be relieved from further liability.

Free access — add to your briefcase to read the full text and ask questions with AI

If recovery on the bond should be inadequate to pay the amounts found due all such persons, judgment shall be given to each person for his pro rata of the amount of recovery. The surety company may pay into court for distribution among such claimants and creditors the full amount of the penalty named in the bond, less any amount which such surety company may have paid to the public corporation by reason of the execution of such bond, and upon so doing the surety company shall be relieved from further liability.

South Dakota § 5-21-7 (Pro rata distribution among claimants if bond insufficient--Surety relieved from liability by payment into court.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.