§ 2-6-116 - Receivership -- Sureties. - Arkansas Statutes

2-6-116. Receivership -- Sureties.

When the Director of the State Plant Board is appointed as receiver under this chapter, the surety on the bond of the Class A registrant shall be joined as a party defendant by the director. If required by the court, the surety shall pay the bond proceeds, or so much thereof as the court finds necessary, into the court, and when so paid the surety shall be absolutely discharged from any further liability under the bond to the extent of the payment.