Sec. 116.152. SUBROGATION OF SURETIES. If a personal surety or a surety company pays for a loss to a county under a depository bond, the surety is subrogated to the rights of the county in an amount equal to the amount of the surety's payment. However, the amount of the subrogation may not exceed the amount of the deposit secured by the surety at the time of the depository's default.
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