Indiana Code 4-13.6-7-11. Limitation of actions against sureties
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Terms Used In Indiana Code 4-13.6-7-11
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
Sec. 11. Unless the bond provides a greater period of time, all suits must be brought against a surety on a bond required by this chapter within one (1) year after final settlement with the contractor under section 8 of this chapter. All suits against the surety after this time are barred.
As added by P.L.24-1985, SEC.7.