Texas Business & Commerce Code - Section 41.158. Contents: Security Description
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Texas Lawyer > Business & Commerce Code > Texas Business & Commerce Code - Section 41.158. Contents: Security Description
§ 41.158. CONTENTS: SECURITY DESCRIPTION. If the seller
is required to secure a bond or establish a trust account, the
disclosure statement must contain the following statement:
(1) "As required by Texas law, the seller has secured a
bond issued by ______, a surety company authorized to do business in
this state. Before signing a contract to purchase this business
opportunity, you should confirm the bond's status with the surety
company."; or
(2) "As required by Texas law, the seller has
established a trust account with ______. Before signing a contract
to purchase this business opportunity, you should confirm with the
bank or savings institution the current status of the trust
account.".
Added by Acts 1997, 75th Leg., ch. 1008, § 5, eff. Sept. 1, 1997.
Section: 41.151 41.152 41.153 41.154 41.155 41.156 41.157 41.158 41.159 41.160 41.161 41.162 41.163 41.201 41.202
Last modified: August 10, 2007
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