Jquery selectbox update breaks type in ability - Cannot read property 'apply' of undefined

I have the following jquery function that deploys a select box. Prior to updating it (to version 0.2), the option value="-1" resulted in removal of the value and insertion of a cursor with the ability to type in a new value. Since updating the selectbox to version 0.2.min.js, it no longer allows me to type in a value. It just puts the current value, which is "Add new value". Chrome reports an "Uncaught TypeError: Cannot read property 'apply' of undefined".

Even though .live is working in many other places on my site, I tried replacing it with .on because the first commenter below indicated .live is deprecated. That did not work.

Here is the jquery function.

$('.striation-value-select').live('change', function() {
    var container = $(this).closest('.striations');
    var val = $(this).val();
    if (val == -1) {
        var name = $(this).attr('name');
        $(this).selectbox('destroy').remove();

        container.find('#striation-value')
                .removeAttr('style')
                .attr('name', name)
                .focus();
        container.find('#striation-id').val('');
    } else {
        container.find('#striation-id').val(val);
    }
});