26.1-21-14. Action against the fund - Failure to act is disallowance - Limitation - Interest.

1. An action may not be brought against the fund until a claim has been presented to the office under this chapter and the office has refused to allow the claim.

2. An action brought against the fund for a claim must be commenced within one year after presenting the claim to the office. The liability of the fund is limited to a breach of a condition of the bond which occurred within two years before the date of presenting the claim to the office.