Section 4.1-58-12 - Bond cancellation - Release of surety1. The surety on a bond is released from all future liability accruing on the bond after the expiration of ninety days from the date of receipt by the commissioner of notice of cancellation by the surety or on a later date specified by the surety. This provision does not operate to relieve, release, or discharge the surety from any liability already accrued or which accrues before the expiration of the ninety-day period.2. Unless the warehouseman files a new bond at least thirty days before liability ceases, the commissioner, without hearing, immediately shall suspend the warehouseman's license and the suspension may not be removed until a new bond has been filed and approved by the commissioner.3. If a license is suspended under this section, the warehouseman shall give notice of the suspension to each receiptholder having grain stored in the warehouse.4. The warehouseman shall notify each receiptholder having grain stored in the warehouse that the grain must be removed from the warehouse or the grain will be priced and redeemed in cash in accordance with section 4.1-58-40.Added by S.L. 2023 , ch. 89( HB 1393 ), § 1, eff. 7/1/2023.