The liability of a surety under a releasing bond or other like obligation shall be discharged to the extent of the value of the indemnifying property recovered or the indemnifying lien nullified and avoided by the liquidator or, if the property is retained under § 58-29B-79, to the extent of the amount paid to the liquidator.
S.D. Codified Laws § 58-29B-80
Extent of surety discharge under releasing bond or similar obligation
Known as the Insurers Supervision, Rehabilitation, and Liquidation Act
The act spans §§ 58-29B-1–58-29B-99 (167 sections).
Source: SL 1989, ch 436, § 80.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.