47-1002a. Release of surety on bond; notice to principal. - Kansas Statutes

47-1002a

Chapter 47.--LIVESTOCK AND DOMESTIC ANIMALS Article 10.--PUBLIC LIVESTOCK MARKETS

      47-1002a.   Release of surety on bond; notice to principal.Any surety on a bond furnished by any community sale dealer, orapplicant for community sale dealer's license, shall be released anddischarged from any and all liability under said bond accruing on such bondafter the expiration of sixty days from the date upon which such suretyshall have filed with the commissioner a written request to be released anddischarged, but this provision shall not operate to relieve, release, ordischarge the surety from any liability already accrued or which shallaccrue before the expiration of the sixty-day period. The commissioner,upon receipt of such request, shall promptly notify the principal whofurnished the bond and unless the principal shall on or before theexpiration of the sixty-day period file with the commissioner a new bondfully complying with the provisions of this act, the commissioner shallforthwith revoke and cancel such community sale dealer's license and notifysuch dealer.

      History:   L. 1947, ch. 304, § 2; Aug. 1.