Public-domain · open source
OpenJurist

Tex. Ins. Code § 2652.004

TRUST FUND ACCOUNT DISBURSEMENTS

Known as the Texas Title Insurance Act

The act spans §§ 2501.001 to 2751.104 (197 sections).

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff

(a) An escrow officer may not disburse funds from a trust fund account until good funds related to the transaction have been received and deposited in the account in amounts sufficient to fund any disbursements from the transaction.

(b) An escrow officer is not liable for a violation of this section if the violation:

(1) was not intentional; and

(2) resulted from a bona fide error despite the maintenance of procedures reasonably adopted to avoid the error.

(c) The commissioner shall adopt rules and definitions to implement this section.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.