Indiana Code 8-23-9-11. Actions on performance bonds
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Terms Used In Indiana Code 8-23-9-11
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Highway: includes county bridges and state and county roads, unless otherwise expressly provided. See Indiana Code 1-1-4-5
Sec. 11. Suit may not be brought against the sureties on a bond until the expiration of sixty (60) days after the furnishing of a statement under section 10 of this chapter. If the indebtedness is not paid in full at the expiration of a period of sixty (60) days, the person, firm, limited liability company, or corporation may bring an action in the person’s, firm’s, limited liability company’s, or corporation’s own name upon the bond. The action must be commenced within eighteen (18) months from the date of the final acceptance of the highway or improvement.
As added by P.L.18-1990, SEC.218. Amended by P.L.8-1993, SEC.155.