South Dakota Codified Laws 58-29B-80. Extent of surety discharge under releasing bond or similar obligation
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The liability of a surety under a releasing bond or other like obligation shall be discharged to the extent of the value of the indemnifying property recovered or the indemnifying lien nullified and avoided by the liquidator or, if the property is retained under § 58-29B-79, to the extent of the amount paid to the liquidator.
Terms Used In South Dakota Codified Laws 58-29B-80
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 1989, ch 436, § 80.