§ 16530 Surety Bond Termination

Government Code·California

AI SummaryVerified

Key Takeaways

•If someone guarantees a bond for deposits, they can cancel it by giving a 10-day written notice to the Treasurer.
•The cancellation doesn't cover any problems that happened before the 10 days are up.
•After getting the notice, the Treasurer has 10 days to ask for new security or take back the deposits.

Example

A bank has a bond to protect people's deposits. The person who guaranteed the bond wants to stop being responsible.

They write a letter to the Treasurer saying they want to cancel the bond. The Treasurer then has 10 days to find a new guarantee or give back the deposits.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 16530 Surety Bond Termination

A surety upon any bond to secure demand or time deposits may terminate the bond as to future liability by giving 10 days’ written notice of termination to the Treasurer. Such notice of termination shall not affect any liability accruing prior to the expiration of the 10-day period. Within 10 days after receipt of such a notice of termination, the Treasurer shall require other acceptable security or withdraw the deposits secured by the bond to be terminated. (Amended by Stats. 1977, Ch. 582.)

Last verified: January 22, 2026

Key Terms

surety bond demand or time deposits 10 days’ written notice Treasurer future liability acceptable security

References

Official text at leginfo.legislature.ca.gov
California Legislature. Government Code. Section 16530.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References