58.1-2417 - When new or additional bond or security required; cancellation of certificate of registration. - Virginia Statutes

§ 58.1-2417. When new or additional bond or security required; cancellationof certificate of registration.

In the event that liability upon the bonds, certificates of deposit or suretybonds filed by a rentor with the Commissioner shall be discharged or reduced,whether by judgment rendered, payment made or otherwise, or if in the opinionof the Commissioner any surety on the bond becomes unsatisfactory orunacceptable, then the Commissioner may require the filing of a new bond,with like surety as hereinbefore provided and in the same amount. Upon thefailure to comply with such requirement or in lieu thereof failure to depositwith the Commissioner, bonds of the United States or of the Commonwealth ofVirginia, or a certificate of deposit in some bank to be approved by theCommissioner, in an equivalent amount, the Commissioner shall forthwithcancel any such certificate of registration of the rentor.

(Code 1950, § 58-685.17:6; 1982, c. 141; 1984, c. 675.)