|§ 221.061||Escrow or Trust Account Required|
|§ 221.062||Release of Escrow|
|§ 221.063||Alternative to Escrow or Trust Account: Financial Assurance|
|§ 221.064||Documentation Required|
Terms Used In Texas Property Code Chapter 221 > Subchapter G
- Accommodation: means any apartment, condominium or cooperative unit, hotel or motel room, cabin, lodge, or other private or commercial structure that:
(A) is affixed to real property;
(B) is designed for occupancy or use by one or more individuals; and
(C) is part of a timeshare plan. See Texas Property Code 221.002
- Amenities: means all common areas and includes recreational and maintenance facilities of the timeshare plan. See Texas Property Code 221.002
- Association: means a council or association composed of all persons who have purchased a timeshare interest. See Texas Property Code 221.002
- Commission: means the Texas Real Estate Commission. See Texas Property Code 221.002
- 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.
- Developer: means :
(A) any person, excluding a sales agent, who creates a timeshare plan or is in the business of selling timeshare interests or employs a sales agent to sell timeshare interests; or
(B) any person who succeeds in the developer's interest by sale, lease, assignment, mortgage, or other transfer if the person:
(i) offers at least 12 timeshare interests in a particular timeshare plan; and
(ii) is in the business of selling timeshare interests or employs a sales agent to sell timeshare interests. See Texas Property Code 221.002
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Escrow agent: means a bonded escrow company, a financial institution whose accounts are insured by a governmental agency or instrumentality, or an attorney or title insurance agent licensed in this state who is responsible for the receipt and disbursement of funds in accordance with this chapter. See Texas Property Code 221.002
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fiduciary: A trustee, executor, or administrator.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Purchaser: means any person, other than a developer, who by means of a voluntary transfer acquires a legal or equitable interest in a timeshare interest other than as a security for an obligation. See Texas Property Code 221.002
- Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005
- Timeshare interest: means a timeshare estate or timeshare use. See Texas Property Code 221.002
- Timeshare plan: means any arrangement, plan, scheme, or similar method, excluding an exchange program but including a membership agreement, sale, lease, deed, license, or right-to-use agreement, by which a purchaser, in exchange for consideration, receives an ownership right in or the right to use accommodations for a period of time less than a year during a given year, but not necessarily consecutive years. See Texas Property Code 221.002
- Timeshare property: means :
(A) one or more accommodations and any related amenities subject to the same timeshare instrument; and
(B) any other property or property rights appurtenant to the accommodations and amenities. See Texas Property Code 221.002
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Venue: The geographical location in which a case is tried.