Sec. 11. Cash in Lieu of Bond. Cash, or bonds of the United States, or both, may be tendered to the commission in lieu of a surety bond required by the provisions of this title if it is tendered on the same terms and conditions as a surety bond. [Pre-1973 Recodification Citation: 7-1-1-42(d).] Formerly: Acts 1973, P.L.55, SEC.1.
IC 7.1-3-1-12 Cancellation of surety bond Sec. 12. Cancellation of Surety Bond. A surety may not cancel or annul a surety bond filed in accordance with the provisions of this title after it has been approved by the commission. However, a surety, with the consent of the commission, may cancel a bond and be released from liability accruing after the effective date of the cancellation. The commission shall not approve a cancellation until the surety has paid and discharged in full its liability to the state on the bond to the date of the approval of the cancellation. [Pre-1973 Recodification Citation: 7-1-1-42(f).] Formerly: Acts 1973, P.L.55, SEC.1.