As Amended
SEC. 31-5-53. Time for bringing suit on bond; venue.
When suit is instituted on a payment or performance bond, it shall be commenced within one (1) year after the
performance and final settlement of the contract and not later, except that if the contractor quits or abandons the
contract before its completion, suit may be instituted on said bond and shall be commenced within one (1) year
after such abandonment and not later. But said time for the institution of said action shall not begin to run until
(a) the obligee shall have made said final settlement or determined said abandonment and published notice thereof
in some newspaper published in a county in which the contract or some part thereof was performed or some
newspaper having a general circulation therein; (b) after the written acceptance of the project by the owner; or (c)
after the actual occupancy or use by the owner, whichever is earlier. Venue on any such suit shall lie 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.
SOURCES: Laws, 1980, ch. 520, Sec. 2, eff from and after April 1, 1981. Laws, 1994, ch. 626, Sec. 4, eff from and after July 1, 1994