562.03 REQUISITES OF BOND.
Such bond shall be executed by the party of whom it is required or some person for the party
as principal, or may be in the form of an undertaking, and shall be in a penal sum to be fixed by
the court for the protection of the public body and the taxpayers against such loss or damage.
During the pendency of the litigation, the court, on motion, may require additional security if
found necessary, and upon failure to furnish the same shall dismiss the action or proceeding with
prejudice. The court may likewise, on motion, reduce the amount of a bond theretofore required
or release the bond upon finding that the amount is excessive or the bond no longer required. The
public body shall have recovery for any loss or damage in an action on the bond. The amount of
damages may be ascertained by reference or otherwise, as the court may direct, and the surety
shall have the right to intervene in the proceeding to determine the amount of damage.
History: 1957 c 857 s 3; 1986 c 444