Final answer:
If a surety bondsman fails to abide by the affidavit, notice is primarily given to the relevant court and the beneficiary of the bond. For corporate bonds, bondholders can initiate bankruptcy proceedings if the issuer defaults. The bondsman faces potential penalties for non-compliance.
Step-by-step explanation:
When a surety bondsman fails to abide by the affidavit, the party that receives notice of this failure primarily includes the relevant court and the entity or individual on whose behalf the bond was posted, typically the defendant. In the broader context of bond issuance, if a corporate bond issuer defaults on its payments to bondholders, the affected parties, such as the bondholders, have the right to initiate bankruptcy proceedings to recuperate their investments.
Similarly, regarding criminal law and bail bonds, when the bondsman fails to uphold their undertakings, like ensuring the defendant appears for trial, the court is notified, and the bondsman risks penalties. The consequences might include the forfeiture of the bail bond money or legal actions against the bondsman for breach of contract. These measures ensure that the surety bondsman is held accountable and encourages compliance with the legal system's requirements.