§ 19-14.3-3.3 - Action on bond. - Rhode Island Statutes

SECTION 19-14.3-3.3

   § 19-14.3-3.3  Action on bond. – Every person who has delivered or deposited money or credit to be forwarded toa foreign correspondent, who has acquired any judgment, debt, claim, or demandrelating to the transaction against any person named as principal in any bondfiled in accordance with the provisions of this chapter or the person's agentsor employees, arising from defalcation, embezzlement, negligence, breach ofcontract, or violation of any duty required under this title, shall have acause of action upon the bond for all damages sustained, and shall upon requestbe furnished with a certified copy of the bond by the director or thedirector's designee and may bring suit in the name of the obligee named in thebond for their use and benefit against the principal and surety or suretiesnamed in the bond, and may prosecute the action to final judgment andexecution; provided, that the action and its prosecution shall involve theobligee in no expense, and that every action shall be commenced and sued withinsix (6) years after the cause of action shall accrue and not after.