Tex. Business & Commerce Code § 52.053

This is the official text of Tex. Business & Commerce Code § 52.053, part of Texas’s Business & Commerce Code — governs commercial transactions and general business practices.

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§ 52.053. CASH DEPOSIT INSTEAD OF BOND.

Official statutory text

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.

Status: in_force · Read it on the official government site

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