Section 3207 - Termination and cancellation of bond by surety(a) Any individual or blanket indemnity bond issued in compliance with this chapter may be terminated and canceled and the surety relieved of all obligations thereunder when the well or wells covered by such bond have been properly abandoned pursuant to Section 3208, or another valid bond has been substituted therefor. Should the person who has filed a blanket bond properly abandon a portion of his or her wells covered by the bond, the bond may be terminated and canceled and the surety relieved of all obligations thereunder upon the filing by such person of an individual bond for each well that is still not abandoned. Liability as to individual wells that have been properly abandoned under a blanket bond may also be terminated.(b) This section shall become operative on January 1, 2018.Ca. Pub. Res. Code § 3207
Added by Stats 2016 ch 272 (AB 2729),s 14, eff. 1/1/2017.