Texas Finance Code
§ 348.013 — CONDITIONAL DELIVERY AGREEMENT
FI § 348.013Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 348. MOTOR VEHICLE INSTALLMENT SALES · Art. A. GENERAL PROVISIONS
Statute text
View on source(a)In this section, "conditional delivery agreement" means a contract between a retail seller and prospective retail buyer under the terms of which the retail seller allows the prospective retail buyer the use and benefit of a motor vehicle for a specified term.
(b)Subject to this section, a retail seller and prospective retail buyer may enter into a conditional delivery agreement.
(c)A conditional delivery agreement is:
(1)an enforceable contract; and
(2)void on the execution of a retail installment contract between the parties of the conditional delivery agreement for the sale of the motor vehicle that is the subject of the conditional delivery agreement.
(d)A conditional delivery agreement may only confer rights consistent with this section and may not confer any legal or equitable rights of ownership, including ownership of the motor vehicle that is the subject of the conditional delivery agreement.
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Legislative history
Added by Acts 2009, 81st Leg., R.S., Ch. 683 (H.B. 2556), Sec. 1, eff. September 1, 2009.