85-7-193 - Bond: judgment; pro rata recovery where funds insufficient. - Mississippi Statutes

§ 85-7-193. Bond: judgment; pro rata recovery where funds insufficient.
 

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. 
 

Sources: 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.