Texas § PR.221.063 - ALTERNATIVE TO ESCROW OR TRUST ACCOUNT
Full text of Texas The Texas Constitution § PR.221.063 — ALTERNATIVE TO ESCROW OR TRUST ACCOUNT, with citation guidance and answers to common questions.
§ PR.221.063. ALTERNATIVE TO ESCROW OR TRUST ACCOUNT
ALTERNATIVE TO ESCROW OR TRUST ACCOUNT: FINANCIAL ASSURANCE. (a) Instead of the deposit of funds in an escrow or trust account as provided by Section 221.061 , the commission may accept from the developer a surety bond, irrevocable letter of credit, or other form of financial assurance, including financial assurance posted in another state or jurisdiction. (b) The amount of the financial assurance provided under this section must be an amount equal to or more than the amount of funds that would otherwise be placed in an escrow or trust account under Section 221.061 (a). (c) The amount of the financial assurance provided under this section for timeshare property under construction as provided by Section 221.061 (d) must be the lesser of: (1) an amount equal to or more than the amount of funds that would otherwise be placed in an escrow or trust account under that subsection; or (2) the amount necessary to assure completion of the building in which the timeshare interest is located. Added by Acts 1987, 70th Leg., ch. 167, Sec. 6.03, eff. Sept. 1, 1987. Renumbered from Sec. 201.063 by Acts 1989, 71st Leg., ch. 2, Sec. 13.03(b), eff. Aug. 28, 1989. Amended by: Acts 2005, 79th Leg., Ch. 539 (H.B. 1045 ), Sec. 10, eff. January 15, 2006.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § PR.221.063
What does The Texas Constitution § PR.221.063 cover?
Section PR.221.063 ("ALTERNATIVE TO ESCROW OR TRUST ACCOUNT") 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 § PR.221.063?
A common citation format is "The Texas Constitution § PR.221.063" (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 § PR.221.063 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.