South Dakota Codified Laws 40-33-14. Apportionment of bond proceeds when insufficient to satisfy claims
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If the dealer at wholesale has become liable to more than one person by reason of breaches of the conditions of the bond and the amount of the bond is insufficient to pay the entire liability to all persons entitled to the protection of the bond, the penalty of the bond as against the sureties shall be apportioned among the several claimants.
Terms Used In South Dakota Codified Laws 40-33-14
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SL 1955, ch 5, § 5; SDC Supp 1960, § 4.2405.