As suggested above in this thread, you need to know what your state's version of 3-312 says, and whether the legislature adopted a commentary for it. In some states, the commentary indicates that no bond can be required as a condition of honoring a valid 3-312 claim. Arguably, if the bank were to consider paying for the claim before it matures (before the 90-day waiting period ends), a bond could be required, if available, but the bond should sunset with the 90th day.
In other states, there's no official commentary.
And in New York, look in that state's unique version of UCC 4-406.
John S. Burnett
Professional Compliance Nerd since 1976
Bankers' Threads User #8