1. 1.

   1. (1) Notwithstanding any provision in the suitable guaranty to the contrary:

      1. (a) If the suitable guaranty is a surety bond, a person may recover from the surety the full amount of a qualified right to payment against the principal named in the bond, or, if there is more than one such qualified right to payment during the term of the bond, a ratable share, up to a maximum total liability of the surety equal to the amount of the bond; or
      2. (b) If the suitable guaranty is a letter of credit, a person may recover from the issuing financial institution the full amount of a qualified right to payment against the customer named in the letter of credit, or, if there is more than one qualified right to payment during the term of the letter of credit, a ratable share, up to a maximum total liability of the issuer equal to the amount of the credit;
   2. (2) Claimants may recover successively on the same suitable guaranty, provided that the total liability on the suitable guaranty to all persons making claims based upon qualified rights of payment during its term may not exceed the amount of the suitable guaranty.
2. 2. To recover a qualified right to payment against a surety or issuer of a suitable guaranty, the claimant shall file written notice of the claim with the division stating the name and address of the claimant, the amount claimed, and the grounds for the qualified right to payment, and any other information required by rule of the division.

3. 3. Recovery of a qualified right to payment from the proceeds of the suitable guaranty shall be forever barred unless:

   1. (1) The claimant substantially complies with subsection 2 of this section; and
   2. (2) Notice of the claim is filed within two years after the occurrence of the violation of any of sections 28.600 to 28.678 which is the basis for the claim.

(L. 1998 S.B. 680 § 18)