Texas Statutes (Last Updated: January 4, 2014) |
INSURANCE CODE |
Title 12. OTHER COVERAGE |
Chapter 3503. SURETY BONDS AND RELATED INSTRUMENTS |
Subchapter B. PROMPT PAYMENT OF CONSTRUCTION PAYMENT BONDS |
Sec. 3503.052. CONSTRUCTION OF SUBCHAPTER
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(a) This subchapter shall be construed to encourage prompt payment of just claims made under construction payment bonds of surety companies. This subchapter does not foreclose any other remedy available to a claimant by law or contract.
(b) This subchapter may not be construed to:
(1) create a private cause of action;
(2) be a precondition to judicially enforcing an obligation under a construction payment bond;
(3) diminish any other obligation of a surety company that exists by law; or
(4) prohibit a surety company from asserting a defense against a construction payment bond claim in a proceeding to enforce a claim.
Added by Acts 2005, 79th Leg., Ch. 727 , Sec. 3, eff. April 1, 2007.