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49-43-5.7 Recovery of damages for breach of obligation under bond--Notice to commission--Time for co...
     49-43-5.7.   Recovery of damages for breach of obligation under bond--Notice to commission--Time for commission response. Any person injured by the breach of any obligation of a warehouseman, for the performance of which a bond has been given under any of the provisions of this chapter, may sue on the bond in the person's own name in any court of competent jurisdiction to recover any damages the person may have sustained by reason of the breach. However, a person may sue on the bond only if the person has notified the commission of the person's intent to sue on the bond and if the commission has stated in writing that it does not intend to institute any proceedings regarding the bond. The commission shall respond in writing within sixty days of notification stating whether the commission intends to institute any proceedings regarding the bond. If the commission fails to respond in writing within the sixty days, the person may proceed to sue on the bond in the person's own name.

Source: SL 1987, ch 355, § 4; SL 2011, ch 211, § 3; SL 2012, ch 232, § 9.


Chapter 49-43

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