83-29-63 - Suit and judgment on bond.
§ 83-29-63. Suit and judgment on bond.
Said bond shall be conditioned to pay any judgment entered up against any such society in any court of competent jurisdiction in this state, and such judgment shall be a lien upon the bond or securities. The judgment creditor shall have the right to bring suit on said bond for the satisfaction of the judgment in the county in which the judgment is rendered. If the present bylaws of such societies provide for the payment of beneficiaries the sum received from one monthly assessment, nothing herein shall amend or annul the terms of such policies, provided that all beneficiaries shall be paid within ninety days after proof of death has been filed with the proper officer of the society, that said assessments shall be made each month to cover the deaths occurring during the preceding months, and that the funds secured from such monthly assessments shall be kept separately and the total amount of each monthly assessment shall be clearly shown on the book account, together with the names of the beneficiaries and the amount due them; provided, that societies may levy extra assessments to pay claims already due.
One or more suits on the bond herein required shall not vitiate the bond or prevent additional recovery thereon; but when judgments shall be recovered to the amount of the bond, the insurance commissioner shall require an additional bond.
Sources: Codes, Hemingway's 1917, § 5207; 1930, § 5262; 1942, § 5776; Laws, 1916, ch. 204.