§ 58.1-2414. Release of surety and requirement of new bond thereupon; cancellation of certificate of registr...
Any surety on a bond filed by any rentor shall be released and discharged from any and all liability to the Commonwealth accruing on such bond after the expiration of sixty days from the date upon which such surety shall have lodged with the Commissioner written request to be released and discharged. But such request shall not operate to relieve, release or discharge such surety from any liability already accrued or which shall accrue before the expiration of such sixty-day period. The Commissioner shall, promptly on receipt of such notice, notify the rentor who furnished such bond. Unless such rentor on or before the expiration of such sixty days' notice files with the Commissioner a new bond approved by the Commissioner and executed by some surety company duly licensed to do business under the laws of this Commonwealth, in the amount and form hereinbefore provided, or unless such rentor in lieu thereof deposits with the Commissioner bonds of the United States or of the Commonwealth of Virginia or a certificate of deposit in some banking institution to be approved by the Commissioner in a like amount, the Commissioner shall forthwith cancel the certificate of registration of such rentor.
If such new bond shall be furnished by such rentor or if bonds of the United States, bonds of the Commonwealth of Virginia, or a certificate of deposit is filed with the Commissioner in lieu thereof, the Commissioner shall cancel and surrender the bond of the rentor for which such new bond or other securities are substituted.
(Code 1950, § 58-685.17:8; 1982, c. 141; 1984, c. 675.)
Sections: Previous 58.1-2407 58.1-2408 58.1-2409 58.1-2410 58.1-2411 58.1-2412 58.1-2413 58.1-2414 58.1-2415 58.1-2416 58.1-2417 58.1-2418 58.1-2419 58.1-2420 58.1-2421 NextLast modified: April 3, 2009