Massachusetts § 2A - Discharge from liability under bond; notice; revocation of license

§ 2A. Discharge from liability under bond; notice; revocation of license

Section 2A. A surety upon a bond given by a public warehouseman as a condition of holding a license issued pursuant to section one, who desires to be discharged from liability thereunder shall give written notice to that effect to the commissioner and to the state treasurer, in such form as the commissioner may prescribe, specifying a date, not earlier than sixty days after the giving of such notice, upon which his liability is to terminate in respect to further deposits for storage with such warehouseman. The commissioner shall, upon receipt of such notice, forthwith notify such warehouseman that his license will be revoked on the date specified unless prior thereto a new bond, approved as provided in section one, is given by him to the state treasurer. Failure to give a new bond as aforesaid shall operate as a revocation of the license of such warehouseman, effective on said date, and the state treasurer shall forthwith notify the commissioner thereof in writing. The notification required to be sent by the commissioner shall be deemed sufficient if sent by registered mail, postage prepaid, to the last business or residence address of the licensee appearing in the records of the office of the commissioner; and the affidavit of the commissioner or of any person authorized by him to give notice that such notice has been sent in accordance with the section shall be prima facie evidence that such notice was duly given.

Such revocation of the license of a public warehouseman shall terminate the liability of the surety or sureties on his bond except for claims for or on account of goods, wares or merchandise deposited with him for storage prior to such revocation.