Texas Government Code 1207.064 – Incontestability of Certain Escrow Agreements and Contracts
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Terms Used In Texas Government Code 1207.064
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
After the registration of a refunding bond and the sale and delivery of the bond to the purchaser, the proceedings that authorize the refunding bond, any escrow agreement relating to the refunding bond, and any contract providing security or payments with respect to the refunding bond are:
(1) incontestable in any court or other forum for any reason; and
(2) valid and binding obligations in accordance with their terms for any purpose.