There Is a Newer Version
of
the North Carolina General Statutes
2011 North Carolina General Statutes
Chapter 44A Statutory Liens and Charges.
Article 3 - Model Payment and Performance Bond.
44A-29. Limitation of liability of a surety.
Universal Citation:
NC Gen Stat § 44A-29
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This media-neutral citation is based
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44A‑29. Limitation of liability of a surety.
No surety shall be liable under a payment bond for a total amount greater than the face amount of the payment bond. A judgment against any surety may be reduced or set aside upon motion by the surety and a showing that the total amount of claims paid and judgments previously rendered under such payment bond, together with the amount of the judgment to be reduced or set aside, exceeds the face amount of the bond. (1973, c. 1194, s. 1.)
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