§47-45  Condition of replacement or payment. The director of finance shall not provide for the issuance of a replacement foror the payment of the lost, stolen, destroyed, wholly or in part, or defacedbond, coupon, or both, as the case may be, unless the claimant shall haveexecuted and delivered to the director a legal and sufficient surety bond in anamount equal to the loss which may be suffered by the county, any transferagent, paying agent, or registrar by reason of issuing replacements or making paymentsmentioned herein.  Any such surety bond shall be in such form and with suchsufficient surety or sureties as shall be satisfactory to the director offinance, and shall be conditioned to indemnify and save harmless the county,any transfer agent, paying agent, or registrar from any and all loss on accountof the bond, coupon, or both, as the case may be, so claimed to have been lost,stolen, destroyed, or defaced.  The duration of the surety bond shall be notless than the date upon which the bond, coupon, or both, as the case may be,being replaced or paid become due and payable, plus the period of the statuteof limitations applicable to bonds and coupons.  In the case of a partiallydestroyed or defaced bond, coupon, or both, as the case may be, the claimantshall surrender the partially destroyed or defaced bond, coupon, or both, asthe case may be, at the time of delivery of the replacement therefor.

All expenses necessary for the providing of anyduplicate bond, coupon, or both, as the case may be, or any transferablecertificate shall be borne by the claimant thereof, and the expenses shall bepaid at the time the request for replacement is filed. [L 1989, c 80, pt of §2]