SECTION 105.207. Bond Payout Procedures

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If the amount claimed exceeds the amount of the bond, the surety shall deposit the amount of the bond with the secretary of state for distribution to claimants entitled to recovery. The secretary of state shall pay the claims on a pro rata basis by dividing the amount of the security by the total amount of the claims, in order to determine a percentage to be applied to each claim.

Source Note: The provisions of this §105.207 adopted to be effective October 16, 1995, 20 TexReg 7973; amended to be effective January 1, 2010, 34 TexReg 9177

                    
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