§ 44A-29. Limitation of liability of a surety. - North Carolina Statutes

§44A‑29.  Limitation of liability of a surety.

No surety shall be liableunder a payment bond for a total amount greater than the face amount of thepayment bond. A judgment against any surety may be reduced or set aside uponmotion by the surety and a showing that the total amount of claims paid andjudgments previously rendered under such payment bond, together with the amountof the judgment to be reduced or set aside, exceeds the face amount of thebond. (1973, c. 1194, s. 1.)