Texas Property Code - Section 62.101. Escrow Account
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Texas Laws > Property Code > Texas Property Code - Section 62.101. Escrow Account
§ 62.101. ESCROW ACCOUNT. If a claim for a lien under a
recorded notice of lien is not paid or assumed at the closing of a
sale, lease, or mortgage of the commercial real estate interest
subject to the lien and would prevent the closing of the transaction
or conveyance or if a claim for a lien under a recorded notice of
lien does not survive the closing, any person named in the notice of
lien as obligated to pay the commission shall, on the date of the
closing:
(1) establish an escrow account from any net proceeds
of the transaction or conveyance in an amount equal to the amount
sufficient to satisfy the lien plus 15 percent of that amount; or
(2) file a bond to indemnify against the lien as
provided by Subchapter G.
Added by Acts 1999, 76th Leg., ch. 1571, § 1, eff. Aug. 30, 1999.
Section: 62.030 62.031 62.041 62.061 62.062 62.063 62.081 62.101 62.102 62.103 62.104 62.105 62.106 62.121 62.122
Last modified: August 11, 2007
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