Texas Business & Commerce Code

§ 52.053 — CASH DEPOSIT INSTEAD OF BOND

BC § 52.053Title 4. BUSINESS OPPORTUNITIES AND AGREEMENTS · Ch. 52. INVENTION DEVELOPMENT SERVICES · Art. B. FINANCIAL REQUIREMENTS OF INVENTION DEVELOPERS

Statute text

View on source

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:

…

Legislative history

Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.