§ 58.1-2417. When new or additional bond or security required; cancellation of certificate of registratio...
In the event that liability upon the bonds, certificates of deposit or surety bonds filed by a rentor with the Commissioner shall be discharged or reduced, whether by judgment rendered, payment made or otherwise, or if in the opinion of the Commissioner any surety on the bond becomes unsatisfactory or unacceptable, then the Commissioner may require the filing of a new bond, with like surety as hereinbefore provided and in the same amount. Upon the failure to comply with such requirement or in lieu thereof failure to deposit with the Commissioner, bonds of the United States or of the Commonwealth of Virginia, or a certificate of deposit in some bank to be approved by the Commissioner, in an equivalent amount, the Commissioner shall forthwith cancel any such certificate of registration of the rentor.
(Code 1950, § 58-685.17:6; 1982, c. 141; 1984, c. 675.)
Sections: Previous 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 58.1-2422 58.1-2423 58.1-2423.1 NextLast modified: April 3, 2009