A bond remains in force and effect until the earliest of the following events:
(a) The sureties withdraw from or cancel the bond or a new bond is given in place of the original bond.
(b) The purpose for which the bond was given is satisfied or the purpose is abandoned without any liability having been incurred.
(c) A judgment of liability on the bond that exhausts the amount of the bond is satisfied.
(d) The term of the bond expires. Unless the statute providing for the bond prescribes a fixed term, the bond is continuous.
(Added by Stats. 1982, Ch. 998, Sec. 1.)