2004 Regular Session
By: Representative Brown
AN ACT TO AMEND SECTION 31-5-53, MISSISSIPPI CODE OF 1972, TO CLARIFY THE RIGHTS OF CLAIMANTS ON PERFORMANCE AND PAYMENT BONDS AND THE TIME AND MANNER FOR BRINGING SUIT ON SUCH BONDS; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 31-5-53, Mississippi Code of 1972, is amended as follows:
31-5-53. (a) When suit is instituted on a * * * performance bond given in accordance with this chapter, it shall be commenced within one (1) year after the * * * obligee shall have made final payment on the contract; provided, however, if the contract is abandoned by the general contractor as bond principal or is terminated by the bond obligee, suit shall be commenced within one (1) year after the earlier of the abandonment by the bond principal or termination by the bond obligee.
(b) When suit is instituted on a payment bond given in accordance with this chapter, it shall be commenced within one (1) year after the day on which the last of the labor was performed or material was supplied by the person bringing the action and not later.
(c) * * * Any suit brought on a performance or payment bond given in accordance with this chapter shall be brought in the county in which the contract or some part thereof was performed or in the county in which service of process may be obtained upon either the principal or the surety on such bond.
SECTION 2. This act shall take effect and be in force from and after July 1, 2004.