22.09.610 - Action on bond by director -- When authorized -- New bond, when required -- Penalty for failure to file. - Washington Statutes

Action on bond by director — When authorized — New bond, when required — Penalty for failure to file.

Upon the refusal of the surety company to pay the demand, the director may thereupon bring an action on the warehouseman's or grain dealer's bond in behalf of the depositor creditors. Upon any action being commenced on the bond, the director may require the filing of a new bond, and immediately upon the recovery in any action on the bond, a new bond shall be filed. The failure to file the new bond or otherwise satisfy the security requirements of this chapter within ten days in either case constitutes grounds for the suspension or revocation of the license of any principal on the bond.

[1987 c 509 § 6; 1983 c 305 § 60; 1975 1st ex.s. c 7 § 33.]

Notes: Severability -- 1987 c 509: See note following RCW 22.09.060.

Severability -- 1983 c 305: See note following RCW 20.01.010.