39-22.1-02. Bond required

39-22.1-02. Bond required Before the issuance of or the renewal of a trailer dealer's license, as provided by law, the applicant for the license shall furnish a continuous surety bond executed by the applicant as principal and executed by a surety company licensed and qualified to do business within the state of North Dakota, which must be in the amount of ten thousand dollars, and be conditioned upon the faithful compliance by the applicant as a dealer, if the license be issued to the applicant, that the dealer will comply with all the laws of this state pertaining to the business, and regulating or being applicable to the business of the dealer as a dealer in trailers, and indemnifying any person dealing or transacting business with the dealer in connection with any trailer from any loss or damage occasioned by the failure of the dealer to comply with the laws of this state, including the furnishing of a proper and valid certificate of title to the vendee of a trailer within fifteen days of the sale of the trailer, and that the bond shall be filed with the director before the issuance of the license. However, the aggregate liability of the surety to all persons for all losses or damages may not exceed the amount of the bond. Any third party sustaining injury within the terms of the bond may proceed against the principal and surety without making the state a party to any proceedings. Any applicant bonded under chapter 39-18 or 39-22 may not be required to furnish the surety bond provided for in this section if the bond issued under chapter 39-18 or 39-22 is written to include the requirements of this section. The bond may be canceled by the surety, as to future liability, by giving written notice by certified mail, addressed to the principal at the address stated in the bond, and to the department. Thirty days after the mailing of the notice, the bond is null and void as to any liability arising after that thirty days. The surety remains liable, subject to the terms, conditions, and provisions of the bond, until the effective date of the cancellation.