116.088 – RELEASE OF SURETY COMPANY. (a) A surety company
Texas Local Government Code § 116.088
Summary
This law allows a surety company to be released from its obligations under a surety bond for a county depository after providing written notice to the commissioners court. However, the surety company remains liable for any losses incurred by the county before the bond's expiration.
Surety companies can request release from obligations after 30 days' notice.
Liability for prior losses remains even after release.
Applies specifically to surety bonds for county depositories.
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In simple terms: Learn about Texas's RELEASE OF SURETY COMPANY. (a) A surety company law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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