58.1-2414 - Release of surety and requirement of new bond thereupon; cancellation of certificate of registration.
§ 58.1-2414. Release of surety and requirement of new bond thereupon;cancellation of certificate of registration.
Any surety on a bond filed by any rentor shall be released and dischargedfrom any and all liability to the Commonwealth accruing on such bond afterthe expiration of sixty days from the date upon which such surety shall havelodged with the Commissioner written request to be released and discharged.But such request shall not operate to relieve, release or discharge suchsurety from any liability already accrued or which shall accrue before theexpiration of such sixty-day period. The Commissioner shall, promptly onreceipt of such notice, notify the rentor who furnished such bond. Unlesssuch rentor on or before the expiration of such sixty days' notice files withthe Commissioner a new bond approved by the Commissioner and executed by somesurety company duly licensed to do business under the laws of thisCommonwealth, in the amount and form hereinbefore provided, or unless suchrentor in lieu thereof deposits with the Commissioner bonds of the UnitedStates or of the Commonwealth of Virginia or a certificate of deposit in somebanking institution to be approved by the Commissioner in a like amount, theCommissioner shall forthwith cancel the certificate of registration of suchrentor.
If such new bond shall be furnished by such rentor or if bonds of the UnitedStates, bonds of the Commonwealth of Virginia, or a certificate of deposit isfiled with the Commissioner in lieu thereof, the Commissioner shall canceland surrender the bond of the rentor for which such new bond or othersecurities are substituted.
(Code 1950, § 58-685.17:8; 1982, c. 141; 1984, c. 675.)