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2021 Texas Statutes
Insurance Code
Title 11 - Title Insurance
Subtitle D - Title Insurance Professionals
Chapter 2652 - Escrow Officers
Subchapter A. General Provisions
Section 2652.004. Trust Fund Account Disbursements
Universal Citation: TX Ins Code § 2652.004 (2021)
Sec. 2652.004. TRUST FUND ACCOUNT DISBURSEMENTS. (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.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.
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