§ 576. Claims by rightful holders of trading stamps. 1. If a trading
stamp company defaults in the redemption of its stamps when they are
duly presented for redemption by residents of this state who are the
rightful holders of such stamps, all such holders of such trading
stamps, including retailers in possession of such stamps for issuance to
customers, shall be entitled to make claim against such bond. Any such
rightful holder of trading stamps may, after such default, file a
complaint with the secretary of state, who shall forthwith make a
determination whether there has been a default. If said secretary
determines that there has been a default, he shall give notice of such
determination to the company and, if such default is not corrected
within ten days, he shall publish notice of such default in three
consecutive publications of one or more newspapers having general
circulation throughout this state and therein require that proof of all
claims for redemption of the trading stamps of such company be filed
with him, together with the trading stamps upon which the claim is
based, within six months after the date of the first such publication.
The secretary of state shall acknowledge receipt of all trading stamps
submitted with such claims and determine the validity of all claims so
filed promptly after the expiration of such period. Thereupon the
secretary shall be paid by the surety such amount, not exceeding the
principal sum of the bond, as shall be necessary to satisfy all valid
claims so filed. The secretary shall promptly thereafter make an
equitable distribution of the proceeds of the bond to such claimants and
shall destroy the trading stamps so surrendered.

2. The assertion of a claim by holders of trading stamps against the
bond of a defaulting trading stamp company pursuant to this section
shall not affect or impair any other rights or remedies such holders may
have against such company under any other statute or at common law. In
the pursuit of any such right or remedy, the receipt issued by the
secretary of state for trading stamps received in connection with such
claims asserted pursuant to this section shall be evidence that persons
having such receipts were holders of such stamps prior to their
surrender to the secretary.

3. The costs and other charges incurred by the secretary of state in
performing the duties set forth in this section shall constitute a
proper charge against the trading stamp company which has defaulted, or,
in the event of the trading stamp company's failure to pay, against the
bond filed by that company, and shall constitute a prior claim against
such company or such bond, except that in no event shall the surety be
liable for such charge and all other valid claims as an aggregate in
excess of the principal sum of the bond.