Texas Occupations Code 702.356 – Withdrawal of Escrow Funds
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Terms Used In Texas Occupations Code 702.356
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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
- Property: means real and personal property. See Texas Government Code 311.005
A certificate holder may withdraw prepayments deposited in an escrow account under Section 702.352 if:
(1) the health spa for which the prepayments are made remains open for not less than 30 days;
(2) the certificate holder files with the secretary of state an affidavit certifying that all obligations of the health spa for which a lien may be claimed under Chapter 53, Property Code, have been paid; and
(3) no person is eligible to claim a lien under Chapter 53, Property Code, during the period the certificate holder or an assignee or agent of the certificate holder accepts prepayments for memberships in the certificate holder’s health spa.