Texas § CP.74.505 - FINANCIAL RESPONSIBILITY
Full text of Texas The Texas Constitution § CP.74.505 — FINANCIAL RESPONSIBILITY, with citation guidance and answers to common questions.
§ CP.74.505. FINANCIAL RESPONSIBILITY
FINANCIAL RESPONSIBILITY. (a) As a condition to authorizing periodic payments of future damages, the court shall require a defendant who is not adequately insured to provide evidence of financial responsibility in an amount adequate to assure full payment of damages awarded by the judgment. (b) The judgment must provide for payments to be funded by: (1) an annuity contract issued by a company licensed to do business as an insurance company, including an assignment within the meaning of Section 130, Internal Revenue Code of 1986, as amended; (2) an obligation of the United States; (3) applicable and collectible liability insurance from one or more qualified insurers; or (4) any other satisfactory form of funding approved by the court. (c) On termination of periodic payments of future damages, the court shall order the return of the security, or as much as remains, to the defendant. Added by Acts 2003, 78th Leg., ch. 204, Sec. 10.01, eff. Sept. 1, 2003.
Frequently Asked Questions About Texas § CP.74.505
What does The Texas Constitution § CP.74.505 cover?
Section CP.74.505 ("FINANCIAL RESPONSIBILITY") 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 § CP.74.505?
A common citation format is "The Texas Constitution § CP.74.505" (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 § CP.74.505 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.