Texas Occupations Code 1101.610 – Payment Limits; Attorney’s Fees
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(a) Payments from the trust account for claims, including attorney’s fees, interest, and court costs, arising out of a single transaction may not exceed a total of $125,000, regardless of the number of claimants.
(b) Payments from the trust account for claims based on judgments against a single license or certificate holder may not exceed a total of $250,000 until the license or certificate holder has reimbursed the trust account for all amounts paid.
Terms Used In Texas Occupations Code 1101.610
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(c) If the court finds that the total amount of claims against a license or certificate holder exceeds the limitations in this section, the court shall proportionately reduce the amount payable on each claim.
(d) A person receiving payment from the trust account is entitled to receive reasonable attorney’s fees in the amount determined by the court, subject to the limitations prescribed by this section.
(e) For purposes of this section, a business entity and the broker who is the business entity’s designated broker are considered a single license holder.