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(a) Within 10 days after receiving written notification from the court that a bail bond and the surety have been exonerated, a bail bond limited producer shall make any collateral deposited to secure the obligation of that bail bond available for return to the person who deposited the collateral, or to that person's heir, legal representative, or successor in interest. The licensee shall verify with the court that the obligation has been exonerated before returning the bail bond.
(b) If collateral was deposited as security for unpaid premium, if the premium remains unpaid at the time of surrender, exoneration, or forfeiture of the bond, and if a demand has been made by the licensee in custody of the collateral, the surety acting by itself, or through its agent, may dispose of the collateral in the manner provided for in AS 34.45.030 - 34.45.080 of the Uniform Property Act and the proceeds may be applied against the unpaid premium.
(c) The licensee or surety may not return collateral until the person receiving the collateral provides a written receipt that identifies the bond, describes the collateral returned, shows the signature of the person to whom the collateral was returned, and shows the date returned.
History: Eff. 12/18/92, Register 124
Authority: AS 21.06.090
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Last modified 7/05/2006