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Texas Business and Commerce Code - BUS & COM § 302.107. Security Requirements

Current as of January 01, 2024 | Updated by Findlaw Staff

A registration statement must be accompanied by security that:

(1) is in the amount of $10,000;

(2) is in the form of:

(A) a bond executed by a corporate security that:

(i) is approved by the secretary of state;  and

(ii) holds a license to transact business in this state;

(B) an irrevocable letter of credit issued for the benefit of the registrant by a supervised financial institution whose deposits are insured by an agency of the federal government;  or

(C) a certificate of deposit in a supervised financial institution whose deposits are insured by an agency of the federal government, the principal of which may be withdrawn only on the order of the secretary of state;  and

(3) is conditioned on the seller's compliance with this chapter.

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Cite this article: FindLaw.com - Texas Business and Commerce Code - BUS & COM § 302.107. Security Requirements - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-and-commerce-code/bus-com-sect-302-107/

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