Texas Occupations Code 1801.052 – Bond Terms and Conditions
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(a) A bond filed under this subchapter must:
(1) be in the amount of $3,000;
(2) be conditioned on the commission merchant performing duties required by Subchapter C, except Sections 1801.103(a), (c), and (d); and
(3) be payable to the county judge of each county in which the commission merchant maintains an office as trustee for any person who may be entitled to recover under the bond.
(b) The bond must be made with:
(1) a solvent surety company doing business in this state; or
(2) two or more good and sufficient sureties, each of whom:
(A) is a resident of this state; and
(B) makes an affidavit stating that the surety has assets, not subject to exemption, that are at least equal to the amount of the bond.
Terms Used In Texas Occupations Code 1801.052
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Trustee: A person or institution holding and administering property in trust.