Texas Business and Commerce Code 52.053 – Cash Deposit Instead of Bond
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Terms Used In Texas Business and Commerce Code 52.053
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
Instead of furnishing the bond required by Section 52.051, the invention developer may provide for, in an amount equal to the amount of the bond required:
(1) cash deposited with the secretary of state;
(2) a certificate of deposit payable to the secretary of state and issued by a bank that is:
(A) transacting business in this state; and
(B) insured by the Federal Deposit Insurance Corporation;
(3) an investment certificate of a share account assigned to the secretary of state and issued by a savings and loan association that is:
(A) transacting business in this state; and
(B) insured by the Federal Deposit Insurance Corporation; or
(4) a bearer bond issued by the United States government or this state.