34-53-15. Title to surety bond vested in the state.

All right and title in any surety bond furnished under § 34-53-13 is vested with the state. The surety bond does not constitute an asset of a pipeline company that is required to furnish the surety bond under § 34-53-13, and may not be canceled, assigned, revoked, disbursed, replaced, or allowed to terminate, without the recommendation of the commissioner of Bureau of Finance and Management and the approval of the Executive Board of the Legislative Research Council. The surety bond may not be assigned for the benefit of creditors, attached, garnished, levied, executed on, or subject to process from any court, except for the purpose of enabling the state to recover moneys advanced by the PEACE fund.

Source: SL 2019, ch 157, § 15, eff. Mar. 27, 2019.

Commission Note: This section is repealed effective June 30, 2025, pursuant to SL 2019, ch 157, § 19.