Texas Civil Practice and Remedies Code 43.002 – Suit On Accrued Right of Action
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(a) When a right of action accrues on a contract for the payment of money or performance of an act, a surety on the contract may, by written notice, require the obligee to without delay bring a suit on the contract.
(b) A surety who provides notice to an obligee under Subsection (a) is discharged from all liability on the contract if the obligee:
(1) is not under a legal disability; and
(2) does not:
(A) bring a suit on the contract during:
(i) the first term of court after receipt of the notice; or
(ii) the second term of court if good cause is shown for the delay; or
(B) prosecute the suit to judgment and execution.
Terms Used In Texas Civil Practice and Remedies Code 43.002
- Contract: A legal written agreement that becomes binding when signed.
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005