34-53-15. Title to surety bond vested in the state.
All right and title in any surety bond furnished under §34-53-13 is vested with the state. The surety bond does not constitute an asset of a pipeline company that is required to furnish the surety bond under §34-53-13, and may not be canceled, assigned, revoked, disbursed, replaced, or allowed to terminate, without the recommendation of the commissioner of Bureau of Finance and Management and the approval of the Executive Board of the Legislative Research Council. The surety bond may not be assigned for the benefit of creditors, attached, garnished, levied, executed on, or subject to process from any court, except for the purpose of enabling the state to recover moneys advanced by the PEACE fund. (This section is repealed effective June 30, 2025 pursuant to SL 2019, ch 157, §19.)
Source: SL 2019, ch 157, §15, eff. Mar. 27, 2019.
Structure South Dakota Codified Laws
Title 34 - Public Health and Safety
Chapter 53 - Expenses Arising Out Of Pipeline Construction
Section 34-53-1 - Definitions.
Section 34-53-2 - PEACE fund established.
Section 34-53-3 - Claim for extraordinary expense--Records.
Section 34-53-4 - Request for pre-approval of anticipated claim for extraordinary expense.
Section 34-53-5 - Approval or denial of claim or request for pre-approval.
Section 34-53-6 - Time for submission and approval of claim or request for pre-approval.
Section 34-53-8 - Reimbursements to be deposited in PEACE fund.
Section 34-53-9 - Pipeline company objection to approval or denial of claim--Review--Appeal.
Section 34-53-11 - Calculation and billing of special fees.
Section 34-53-12 - Special fee as continuing lien on pipeline company property.
Section 34-53-13 - Pipeline company to furnish surety bond.
Section 34-53-14 - Cease and desist order for noncompliance.
Section 34-53-15 - Title to surety bond vested in the state.
Section 34-53-16 - Discretion of secretary.
Section 34-53-17 - Contract between state and pipeline company.