Texas Finance Code 154.305 – Discharge of Contractual Obligations; Indemnity of Seller
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(a) The delivery of abandoned money and reporting to the comptroller under § 154.304:
(1) relieves the seller of the obligations and liabilities under the prepaid funeral benefits contract;
(2) cancels the prepaid funeral benefits contract; and
(3) discharges the obligations and liabilities of and claims against the seller and funeral provider.
(b) A seller that delivers money to the comptroller under § 154.304 shall be indemnified under § 74.304, Property Code, for any claim that may be made with respect to the property.
Terms Used In Texas Finance Code 154.305
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Contract: A legal written agreement that becomes binding when signed.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Property: means real and personal property. See Texas Government Code 311.005