Indemnity bonds shall provide that their cancellation either by the surety or by the insured shall not become effective unless and until 10 days’ notice in writing first shall have been given to the commissioner, unless the cancellation is approved earlier by the commissioner.
Cal. Fin. Code § 6204
Indemnity Bonds
Known as the Savings Association Law
The act spans §§ 5000–10009 (387 sections).
Applied in 1 court decision — leading case Resolution Trust Corporation v. Fidelity and Deposit Company of Maryland (1992)
Most recently applied in Resolution Trust Corporation v. Fidelity and Deposit Company of Maryland (January 1992)
Added by Stats. 1983, Ch. 1091, Sec. 2.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.