2007 Minnesota Statutes
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Chapter 574
Section 574.30
Recent History
- 1995 574.30 Amended 1995 c 31 s 4
- 1994 574.30 Amended 1994 c 419 s 10
This is an historical version of this statute chapter. Also view the most recent published version.
574.30 INSOLVENT OR INSUFFICIENT SURETIES.
When, in the public body's judgment, a surety on a bond required by the act is insolvent, or
for any cause is no longer a proper or sufficient surety, the public body may require the contractor
to furnish a new or additional bond within ten days; and thereupon, if so ordered by the public
body, all work on the contract must cease until the new or additional bonds are furnished. If the
bonds are not furnished within the ten days, the public body may, at its option, terminate the
contract and complete the same as the agent, and at the expense of the contractor and its sureties.
History: (9704) RL s 4538; 1986 c 444; 1994 c 419 s 10; 1995 c 31 s 4
When, in the public body's judgment, a surety on a bond required by the act is insolvent, or
for any cause is no longer a proper or sufficient surety, the public body may require the contractor
to furnish a new or additional bond within ten days; and thereupon, if so ordered by the public
body, all work on the contract must cease until the new or additional bonds are furnished. If the
bonds are not furnished within the ten days, the public body may, at its option, terminate the
contract and complete the same as the agent, and at the expense of the contractor and its sureties.
History: (9704) RL s 4538; 1986 c 444; 1994 c 419 s 10; 1995 c 31 s 4
Official Publication of the State of Minnesota
Revisor of Statutes