Sec. 1801.055. SUIT ON BOND. (a) A person damaged by a breach of a condition of the bond may bring suit and recover under the bond.
(b) The suit shall be filed in the county in which the bond is filed.
(c) A bond is not void on first recovery and may be sued on until the total amount is exhausted.
(d) If the amount of the bond is reduced to $1,500 or less, the commission merchant shall file a new bond in an amount equal to $3,000. The new bond is liable for all future contracts entered into by the commission merchant and a consignor.
(e) A commission merchant who does not file a new bond under Subsection (d) may not do business in this state.
Acts 1999, 76th Leg., ch. 388, Sec. 1, eff. Sept. 1, 1999.
Last modified: September 28, 2016