Texas Natural Resources Code 89.028 – Escrow Funds
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(a) Escrow funds described by § 89.023(a)(3)(F) must be deposited with the commission each time an operator files an application for an extension of the deadline for plugging an inactive well.
(b) Escrow funds deposited with the commission may be released only with the approval of the commission as prescribed by commission rule.
Terms Used In Texas Natural Resources Code 89.028
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Rule: includes regulation. See Texas Government Code 311.005