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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) The limit of a surety's or obligor's liability stated in the security filed or posted under this subchapter may not be cumulative from year to year or period to period, regardless of the number of:
(1) years that the security continues in force; or
(2) premiums paid or payable.
(b) The liability of a surety or obligor is exclusively conditioned on a final administrative order issued by the secretary of state.
(c) Security filed or posted under this subchapter is subject to a claim only as provided by this subchapter.
Cite this article: FindLaw.com - Texas Occupations Code - OCC § 702.157. Limit on Liability of Surety or Obligor - last updated January 01, 2024 | https://codes.findlaw.com/tx/occupations-code/occ-sect-702-157/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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