DEFINITIONS.
Tex. INS Code § 3503.051.
in effectIn this subchapter:
(1) "Claimant" means a person directly entitled to payment under a construction payment bond.
(2) "Construction payment bond" means a surety agreement or obligation issued to guarantee or assure payment by a principal obligor for work performed or materials supplied or specially fabricated for a public or private construction project.
(3) "Notice of claim" means a written notification by a claimant who makes a claim for payment from the surety company. The term does not include a routine statutory notice required by Section 53.056 or 53.057 , Property Code, or Section 2253.047 , Government Code.
(4) "Surety company" means an authorized surety or guaranty company that executes and delivers a construction payment bond as a surety for a principal obligor.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017 ), Sec. 3, eff. April 1, 2007.