Sec. 116.151. LIABILITIES OF SURETIES ON SEPARATE BONDS. If a county depository provides separate bonds to secure county funds, each surety under a bond is liable only for that part of a loss resulting from the failure of the depository that bears to the total loss the same ratio as the amount of the bond bears to the total amount of all bonds and securities held by the county for the protection of the funds covered by the bond.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
Structure Texas Statutes
Chapter 116 - Depositories for County Public Funds
Section 116.151. Liabilities of Sureties on Separate Bonds
Section 116.152. Subrogation of Sureties
Section 116.153. Pro Rata Recovery by State and County
Section 116.154. Liability of Depository Pending Collection of Deposits
Section 116.155. Failure of Depository to Pay Check or Order for Payment