If only a performance bond is given in accordance with this chapter and the recovery on the performance bond should be inadequate to pay the full amount found due including amounts due the obligee, judgment shall be given after the performance bond obligee is fully satisfied for all its claims, demands, rights and damages to each person, including reasonable attorney’s fees in an amount to be set by the judge, pro rata of the amount of the recovery. The surety on said performance bond may pay into court for distribution the full amount of its liability, less any amount which may have been paid to the performance bond obligee by reason of the execution of said bond, and upon so doing the surety will be relieved from further liability.
Miss. Code Ann. § 85-7-193
Bond: judgment; pro rata recovery where funds insufficient
Applied in 2 court decisions — leading case 743 So. 2d 954 - Sentinel Industrial Contracting Corp. v. Kimmins Industrial Service Corp. (1999)
Most recently applied in 743 So. 2d 954 - Sentinel Indus. Cont. v. Kimmins Indus. (July 1999)
Codes, Hemingway’s 1921 Supp. § 2434f; 1930, § 2280; 1942, § 378; Laws, 1918, ch. 128; Laws, 1987, ch. 392, § 3; Laws, 2005, ch. 461, § 4, eff from and after July 1, 2005.
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.