Statutes, codes, and regulations
South Dakota Codified Laws
Title 5 - PUBLIC PROPERTY, PURCHASES AND CONTRACTS
Chapter 21 - PERFORMANCE BONDS FOR PUBLIC IMPROVEMENT CONTRACTS
Section 5-21-7 - Pro rata distribution among claimants if bond insufficient-Surety relieved from liability by payment into court

S.D. Codified Laws § 5-21-7

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Current through the 2024 Legislative Session
Section 5-21-7 - Pro rata distribution among claimants if bond insufficient-Surety relieved from liability by payment into court

If recovery on the bond should be inadequate to pay the amounts found due all such persons, judgment shall be given to each person for his pro rata of the amount of recovery. The surety company may pay into court for distribution among such claimants and creditors the full amount of the penalty named in the bond, less any amount which such surety company may have paid to the public corporation by reason of the execution of such bond, and upon so doing the surety company shall be relieved from further liability.

SDCL 5-21-7

SL 1907, ch 138, § 2; RC 1919, § 8216; SDC 1939, § 65.0703; SL 1939, ch 300, § 8.