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Current as of January 01, 2024 | Updated by FindLaw Staff
If the seller is required to obtain a bond or establish a trust account, the disclosure statement must contain one of the following statements, as applicable:
(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.”
Cite this article: FindLaw.com - Texas Business and Commerce Code - BUS & COM § 51.158. Contents: Security Description - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-and-commerce-code/bus-com-sect-51-158/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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