I operated a mortgage brokerage in the state of Georgia from April 2002 to February 2006. The state requires that you maintain a $50K surety bond. I was required to collaterlise the bond with $20K cash, which is being held by the bond issuer. I withdrew my broker's license in February 2006 and requested the return of my collateral. The surety advised me in writing that due to a 2-year statute of limitations for claims against this type of bond, they would hold the $20K for 2 years, and return it to me on March 1st, 2008.

After I inquired again a couple of months ago about the method of the return of the collateral, they advised me that sorry, the statute is actually 4 years, and to look for my $20K in 2010.

My questions are these:

What is the real statute of limitations,
Since they provided me written correspondence telling me they would refund my $20K on March 1st, 2008, can I hold them to that, and
If I sue for the return of the collateral based on their correspondence, what type of interest or damages could I reasonably ask for?