Texas § IN.1114.005 - FINANCED PURCHASE
Full text of Texas The Texas Constitution § IN.1114.005 — FINANCED PURCHASE, with citation guidance and answers to common questions.
§ IN.1114.005. FINANCED PURCHASE
FINANCED PURCHASE. (a) If a withdrawal, surrender, or borrowing involving the policy values of an existing policy is used to pay premiums on a new policy that is owned by the same policyholder and is issued by the same insurer not earlier than four months before the effective date of the new policy or 13 months after the effective date of the new policy, it is deemed prima facie evidence of the policyholder's intent to finance the purchase of the new policy with existing policy values. (b) Subsection (a) applies only to regulatory review of an individual transaction. (c) The prima facie standard under Subsection (a) is not intended to increase or decrease the monitoring obligations contained in Section 1114.052 (g). Added by Acts 2007, 80th Leg., R.S., Ch. 904 (H.B. 2762 ), Sec. 1, eff. September 1, 2007.
Frequently Asked Questions About Texas § IN.1114.005
What does The Texas Constitution § IN.1114.005 cover?
Section IN.1114.005 ("FINANCED PURCHASE") 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.1114.005?
A common citation format is "The Texas Constitution § IN.1114.005" (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.1114.005 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.