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The 189th General Court of the Commonwealth of Massachusetts

Section 14O: New bonds; liability

Section 14O. On the effective date of each new bond filed with the statement of registration, all liability on bonds previously filed shall terminate, and in the event of default by the trading stamp company to redeem such stamps the rightful holders of trading stamps shall file their proofs of claim with the state treasurer and shall have their claims satisfied, as provided in section fourteen Q, solely from the principal sum of the new bond.