Texas Property Code - Section 62.122. Bond Requirements
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Texas Laws > Property Code > Texas Property Code - Section 62.122. Bond Requirements
§ 62.122. BOND REQUIREMENTS. The bond must:
(1) describe the commercial real estate on which the
lien is claimed;
(2) refer to the lien claimed in a manner sufficient to
identify it;
(3) be in an amount that is double the amount of the
lien referred to in the bond as of the date of execution of the bond
by the surety, unless the total amount claimed in the lien exceeds
$40,000, in which case the bond must be in an amount that is 1-1/2
times the amount of the lien;
(4) be payable to the party claiming the lien;
(5) be executed by:
(A) the party filing the bond as principal; and
(B) a corporate surety licensed by this state to
execute the bond as surety;
(6) be conditioned substantially that the principal
and sureties will pay the named obligees or their assignees the
amount that the named obligees would have been entitled to recover
if their claim had been proved to be valid and enforceable liens on
the commercial real estate; and
(7) identify the last known mailing address of the
person claiming the lien.
Added by Acts 1999, 76th Leg., ch. 1571, § 1, eff. Aug. 30, 1999.
Section: 62.101 62.102 62.103 62.104 62.105 62.106 62.121 62.122 62.123 62.124 62.125 62.141 62.142 63.001 63.002
Last modified: August 11, 2007
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