Liability of surety on bond on failure of organization to pay

Failure by any organization covered by a bond required by § 61-5A-12 to pay the full amount of payments in lieu of contributions when due, together with any applicable interest and penalties provided for in § 61-5A-33 , shall render the surety liable on said bond to the extent of the bond, as though the surety was such organization. Source: SL 1971, ch 276 , § 68.