32B-12-206. Bond for liquor warehousing license.
(1) A liquor warehouser licensee shall post a cash bond or surety bond in the penal sum of $10,000 payable to the department. A liquor warehouser licensee shall procure and maintain the bond required by this section for as long as the liquor warehouser licensee continues to operate as a liquor warehouser licensee.
(2) A bond posted under this section shall be: in a form approved by the attorney general; and conditioned upon the liquor warehouser licensee's faithful compliance with this title and the rules of the commission.
(3) If a surety bond posted by a liquor warehouser licensee under this section is canceled due to a liquor warehouser licensee's negligence, the department may assess a $300 reinstatement fee.
(4) No part of a bond posted under this section may be withdrawn during the period the liquor warehousing license is in effect.
(5) A bond posted by a liquor warehouser licensee may be forfeited if the liquor warehousing license is revoked. Notwithstanding Subsection, the department may make a claim against a bond posted by a liquor warehouser licensee for money owed the department under this title without the commission first revoking the liquor warehousing license. (5)(a)