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Texas Local Government Code - LOC GOV'T § 116.057. Condition of Personal Bond or Contract for Securities

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A personal bond provided or a contract for the pledge of securities under this subchapter must be conditioned that the depository will:

(1) faithfully keep the county funds and faithfully perform all duties and obligations imposed by law on the depository;

(2) pay all checks drawn on a demand deposit account in a depository on presentation by the county treasurer;

(3) pay all checks drawn on a time deposit account on presentation after the expiration of the required period of notice; and

(4) account for the county funds as required by law.

(b) A suit on a personal bond or a contract for securities provided or pledged under this subchapter must be tried in the county for which the depository is selected.

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Cite this article: FindLaw.com - Texas Local Government Code - LOC GOV'T § 116.057. Condition of Personal Bond or Contract for Securities - last updated January 01, 2024 | https://codes.findlaw.com/tx/local-government-code/loc-gov-t-sect-116-057/

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