Section 3503.002 - Execution of Obligation By Surety Company(a) A surety company authorized to engage in business in this state may execute an obligation.(b) Except as provided by Section 3503.004 or 3503.005, the execution of an obligation by a surety company under Subsection (a) is in full compliance with each law, charter, ordinance, or rule that requires:(1) the obligation to be executed by one or more sureties; or(2) the executing sureties to possess any qualification, including the requirement that a surety be a resident, householder, or freeholder.(c) Each municipality, board, body, organization, court, public officer, and head of department shall accept and treat an obligation executed by a surety company under Subsection (a) as fully complying with each law, charter, ordinance, or rule described by Subsection (b).Tex. Ins. Code § 3503.002
Added by Acts 2005, 79th Leg., Ch. 727, Sec. 3, eff. 4/1/2007.