Limit On Liability of Surety Or Obligor

Sec. 702.157. LIMIT ON LIABILITY OF SURETY OR OBLIGOR. (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. Acts 1999, 76th Leg., ch. 388, Sec. 1, eff. Sept. 1, 1999.