Bill Text: MS HB256 | 2014 | Regular Session | Introduced
Bill Title: Contractors bond; extend time that subcontractors have to file on.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2014-02-04 - Died In Committee [HB256 Detail]
Download: Mississippi-2014-HB256-Introduced.html
MISSISSIPPI LEGISLATURE
2014 Regular Session
To: Judiciary A
By: Representative Frierson
House Bill 256
AN ACT TO AMEND SECTION 85-7-187, MISSISSIPPI CODE OF 1972, TO REVISE THE TIME FOR SUBCONTRACTORS WITH A RIGHT OF ACTION AGAINST A CONTRACTORS BOND; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 85-7-187, Mississippi Code of 1972, is amended as follows:
85-7-187. If only a
performance bond has been provided in accordance with this chapter and if no
suit shall be brought by the obligee within * * * one (1) year from the date
of the earlier of final completion or actual use or occupancy of the project
for its intended purpose, then any person supplying labor or materials to the
bond principal on the project shall have a right of action on said bond for his
use and benefit against said bond principal and the sureties thereon and
to prosecute same to final judgment and execution, subject to the rights and
demands of the bond obligee.
SECTION 2. This act shall take effect and be in force from and after July 1, 2014.
