116.151 – LIABILITIES OF SURETIES ON SEPARATE BONDS. If a
Texas Local Government Code § 116.151
Summary
This law establishes the liability of sureties on separate bonds provided by county depositories. Each surety is only responsible for a portion of the loss proportional to their bond amount compared to the total bonds held by the county.
Sureties are liable only for their bond's proportion of total loss.
Applies to separate bonds securing county funds.
Liability is calculated based on bond amounts relative to total securities.
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In simple terms: Learn about Texas's LIABILITIES OF SURETIES ON SEPARATE BONDS. If a 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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