Texas § IN.1107.053 - CONTRACT WITH FIXED, SCHEDULED CONSIDERATIONS
Full text of Texas The Texas Constitution § IN.1107.053 — CONTRACT WITH FIXED, SCHEDULED CONSIDERATIONS, with citation guidance and answers to common questions.
§ IN.1107.053. CONTRACT WITH FIXED, SCHEDULED CONSIDERATIONS
CONTRACT WITH FIXED, SCHEDULED CONSIDERATIONS. (a) For an annuity contract that provides for the payment of fixed, scheduled considerations, the minimum nonforfeiture amount is computed in the same manner as the minimum nonforfeiture amount for an annuity contract with flexible considerations that are paid annually, except that: (1) the amount of net consideration for a contract year is computed using an annual contract charge equal to the lesser of: (A) $30; or (B) 10 percent of the amount of the gross annual considerations paid on the contract; and (2) the percentage of the net consideration amount for the first contract year to be used to compute the minimum nonforfeiture amount is 65 percent of the amount of net consideration for the first contract year plus 22.5 percent of the amount by which the amount of net consideration for the first contract year exceeds the lesser of: (A) the amount of net consideration for the second contract year; or (B) the amount of net consideration for the third contract year. (b) The computation made under Subsection (a) must assume that the considerations are paid annually in advance. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003. Amended by Acts 2003, 78th Leg., ch. 869, Sec. 1, eff. June 20, 2003.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § IN.1107.053
What does The Texas Constitution § IN.1107.053 cover?
Section IN.1107.053 ("CONTRACT WITH FIXED, SCHEDULED CONSIDERATIONS") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § IN.1107.053?
A common citation format is "The Texas Constitution § IN.1107.053" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § IN.1107.053 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.