5-21-4. Notice of surety bond to secretary of revenue--Termination of surety's liability for use and excise tax.
The surety within sixty days after entering into such performance bond shall send notice of the bond to the secretary of revenue. Six months after the completion of the contract and the acceptance of the improvement by the owner thereof, the additional obligation imposed upon the surety shall cease unless written notice, within such period of time, of unpaid use taxes and contractors' excise taxes, is given to the surety by the secretary of revenue.
Source: SL 1957, ch 479, §2; SDC Supp 1960, §65.0702-1; SL 1992, ch 48, §2.
Structure South Dakota Codified Laws
Title 5 - Public Property, Purchases and Contracts
Chapter 21 - Performance Bonds For Public Improvement Contracts
Section 5-21-1 - Surety bond required--Obligation of prompt payment of laborers and materialmen.
Section 5-21-1.1 - Waiver of performance security requirement on contracts under certain amount.
Section 5-21-1.3 - Waiver of performance security requirement for emergency procurement.
Section 5-21-3 - Surety bond to cover use tax liability--Amount of liability.
Section 5-21-8 - Personal and public notice to creditors of action on public contractor's bond.