A bond remains in force and effect until the earliest of the following events:
- (a) The sureties withdraw from or cancel the bond or a new bond is given in place of the original bond.
- (b) The purpose for which the bond was given is satisfied or the purpose is abandoned without any liability having been incurred.
- (c) A judgment of liability on the bond that exhausts the amount of the bond is satisfied.
- (d) The term of the bond expires. Unless the statute providing for the bond prescribes a fixed term, the bond is continuous.