Section 422. Bonds of distributors

The  tax commission may require any
  distributor to file with the department of taxation and finance  a  bond
  issued  by  a surety company approved by the superintendent of insurance
  as to solvency and responsibility and authorized to transact business in
  the state or other security acceptable to the tax  commission,  in  such
  amount  as the tax commission may fix, to secure the payment of any sums
  due from such distributor pursuant to this article. The  tax  commission
  may  require  that  such  a  bond  or  other  security be filed before a
  distributor is registered, or at any time when in its judgment the  same
  is  necessary  as  a  protection to the revenues under this article.  If
  securities are  deposited  as  security  under  this  subdivision,  such
  securities shall be kept in the joint custody of the comptroller and the
  commissioner  of  taxation  and  finance  and  may  be  sold  by the tax
  commission if it becomes necessary so to do in order to recover any sums
  due from such distributor pursuant to this article;  but  no  such  sale
  shall  be had until after such distributor shall have had opportunity to
  litigate the validity of any tax if it elects so to do.  Upon  any  such
  sale,  the surplus, if any, above the sums due under this article, shall
  be returned to such distributor.