Sec. 116.057. CONDITION OF PERSONAL BOND OR CONTRACT FOR SECURITIES. (a) A personal bond provided or a contract for the pledge of securities under this subchapter must be conditioned that the depository will: (1) faithfully keep the county funds and faithfully perform all duties and obligations imposed by law on the depository; (2) pay all checks drawn on a demand deposit account in a depository on presentation by the county treasurer; (3) pay all checks drawn on a time deposit account on presentation after the expiration of the required period of notice; and (4) account for the county funds as required by law. (b) A suit on a personal bond or a contract for securities provided or pledged under this subchapter must be tried in the county for which the depository is selected.
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