Texas § IN.887.056 - RECOVERY ON BOND
Full text of Texas The Texas Constitution § IN.887.056 — RECOVERY ON BOND, with citation guidance and answers to common questions.
§ IN.887.056. RECOVERY ON BOND
RECOVERY ON BOND. (a) On receipt of information that an officer of an association has violated the terms of a bond under Section 887. 054 or 887.055 , the department shall demand from the officer a written explanation of the charge. (b) If after an explanation under Subsection (a) the department is not satisfied regarding the existing facts in controversy, the department shall: (1) notify the officer to appear in Travis County, not earlier than the 11th day or later than the 16th day after service of notice, with any records and other information the department considers proper; and (2) conduct an examination into the charge against the officer. (c) If after an examination under Subsection (b) the department is satisfied that the officer violated the terms of the bond, the department shall: (1) immediately notify the company executing the bond; (2) prepare a written statement covering the facts; and (3) deliver the statement to the attorney general. (d) On receipt of a statement under Subsection (c), the attorney general shall investigate the charges. If the attorney general is satisfied that the officer violated the terms of the bond, the attorney general shall: (1) enforce the liability against the cash or securities provided as surety by the officer; or (2) in the name of the commissioner, file suit in Travis County on the bond for the benefit of the bond's beneficiaries against the officer as principal and the sureties for the recovery of: (A) any amounts due by the officer; and (B) all costs of the suit. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Frequently Asked Questions About Texas § IN.887.056
What does The Texas Constitution § IN.887.056 cover?
Section IN.887.056 ("RECOVERY ON BOND") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § IN.887.056?
A common citation format is "The Texas Constitution § IN.887.056" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § IN.887.056 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.