36-21D-14. Action against surety bond or irrevocable letter of credit.
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/sd/title-36/chapter-36-21/36-21d-14A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any person damaged by an appraisal management company's failure to pay an obligation listed in subdivision 36-21D-12(1) has a right of action against the surety bond or irrevocable letter of credit. Any action against a surety bond or irrevocable letter of credit must be filed in a court of competent jurisdiction within one year after the appraisal management company fails to pay the amount owing or the amount adjudged against the appraisal management company.