Texas Business and Commerce Code 51.054 – Filing of Copy of Bond or Notification of Account
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Terms Used In Texas Business and Commerce Code 51.054
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
A principal seller who is required to obtain a bond or establish a trust account under Subchapter C shall contemporaneously file with the secretary of state a copy of:
(1) the bond; or
(2) the formal notification by the depository that the trust account is established.