§775.  Effect of failure to furnish additional or substituted bond when required

When any dealer required to furnish additional or substituted bond under the provisions of R.S. 47:774 fails to do so after five days written notice to such dealer, all taxes levied under this Chapter and secured by the bond required to be increased, supplemented or substituted shall ipso facto become delinquent and the collector shall forthwith proceed to collect the taxes in the same manner as if no bond had ever been furnished and accepted, without, however, waiving or prejudicing any rights under any bond held by him to guarantee the payment of any tax, interest, penalties or costs under this Chapter.