- (a) Except for a liability that has accrued or will accrue before the date of release or discharge, a surety is released and discharged from liability on a bond to the State 60 days after the surety submits to the tax collector a written request for release or discharge.
(b) On receipt of a written request from a surety for release and discharge, the tax collector promptly shall give the person who posted the bond notice that:
- (1) the surety has asked to be released and discharged from liability on the bond; and
- (2) a substitute security must be filed before the date on which the surety is released and discharged under subsection (a) of this section.
Added by Acts 1988, c. 2, § 1, eff. Jan. 1, 1989.
Formerly Art. 81, § 481.