Texas § TN.54.156 - ESCROW AGREEMENT
Full text of Texas The Texas Constitution § TN.54.156 — ESCROW AGREEMENT, with citation guidance and answers to common questions.
§ TN.54.156. ESCROW AGREEMENT
ESCROW AGREEMENT. (a) The proceeds from revenue refunding obligations that are deposited as provided by Section 54.155 (b)(2) shall be deposited under an escrow agreement so that the proceeds and interest earned from the investment of the proceeds will be available to pay the principal of and interest on the obligations to be refunded as each becomes due. (b) The escrow agreement may provide that the proceeds may, until needed to pay principal and interest as each becomes due, be invested in direct obligations of the United States. (c) Interest earned on an investment described by Subsection (b): (1) may be pledged to the payment of the principal of and interest on the obligations to be refunded or the refunding obligations; or (2) shall be considered as revenue of the applicable port improvement or facility. Added by Acts 1999, 76th Leg., ch. 227, Sec. 20, eff. Sept. 1, 1999.
Frequently Asked Questions About Texas § TN.54.156
What does The Texas Constitution § TN.54.156 cover?
Section TN.54.156 ("ESCROW AGREEMENT") 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 § TN.54.156?
A common citation format is "The Texas Constitution § TN.54.156" (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 § TN.54.156 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.