New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 3 - ALCOHOLIC BEVERAGE TAX ACT- STATE LICENSEES
Subchapter 5 - BONDS
Section 18:3-5.3 - Bond duration
Universal Citation: NJ Admin Code 18:3-5.3
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Every bond filed with and approved by the Director shall, without the necessity of periodic renewal, remain in force and effect until such time as the license of which it is a part is revoked or suspended for cause, otherwise canceled, or has expired.
1. No action on a bond shall be begun after two
years from the date of revocation, cancellation, or nonrenewal of the license of
which it is a part.
(b) The surety on a bond shall be released and discharged from all liability to the State accruing on such bond after the expiration of 60 days from the date upon which such surety shall have lodged with the Director a written request to be released and discharged.
1. Paragraph (b) above shall not
operate to relieve, release, or discharge the surety from any liability already
accrued or which shall accrue before the expiration of the 60-day period.
2. Upon receipt of any request under (b) above,
the Director shall notify the principal who furnished the bond, and, unless the
principal shall, on or before the expiration of the 60-day period, file a new bond,
the Director shall notify the Director of the Division of Alcoholic Beverage Control
who will revoke or suspend the principal's license at the end of the 60-day
period.
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