Section 58-7-5 - Ineligibility for deposit of securities in default.
58-7-5. Ineligibility for deposit of securities in default. If default occurs in the payment of interest or principal of any deposited security and such default continues for a period of one hundred twenty days, the director may declare such security no longer eligible for deposit under § 58-7-1.
Source: SL 1966, ch 111, ch 7, § 1 (5).