Texas Occupations Code 2052.109 – Surety Bond
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(a) A surety bond required under this subchapter must:
(1) be issued by a company authorized to conduct business in this state;
(2) comply with the applicable requirements of the Insurance Code;
(3) be payable to the state for use by the state or a political subdivision that establishes that the boxing or wrestling promoter is liable to it for damages, penalties, taxes, or other expenses resulting from promotional activities conducted in this state; and
(4) be open to more than one claim, except that the claims may not exceed the face value of the bond.
(b) A person required to file a surety bond under this subchapter shall file a new bond annually.
Terms Used In Texas Occupations Code 2052.109
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
(c) A company that issues a bond shall notify the department in writing of the cancellation of the bond not later than the 30th day before the date on which the bond is canceled.