N.Y. Comp. Codes R. & Regs. tit. 9 § 406.1

Current through Register Vol. 46, No. 45, November 2, 2024

Section 406.1 - Cash deposits, bonds

In any case where the commission may require a cash deposit or indemnity bond as security to protect property of the commission against loss or damage, or to limit the extent of duration of the use of such property, or to guarantee compensation to the commission for property rented or engaged, such cash deposit or indemnity bond shall be forfeited:

(a) in the case of loss of or damage to property of the commission, provided that no such forfeiture shall prevent the commission from recovering any damages over and above the amount of the deposit or bond resulting from loss or damage of property;

(b) in the case of a violation of any agreement or condition upon which the requirement of a cash deposit or indemnity bond is based.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 406.1