Fillable Form 2705General Information: (Trust Account Notice for a (Texas Secretary of State)

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Form 2705General Information: (Trust Account Notice for a (Texas Secretary of State)

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Form 2705—General Information
(Trust Account Notice for a Business Opportunity Seller)
The attached form is designed to meet minimal statutory filing requirements pursuant to the relevant
code provisions. This form and the information provided are not substitutes for the advice and services of an
attorney.
Commentary
In accordance with Section 51.101 of the Texas Business & Commerce Code, a principal seller of a
business opportunity must secure at least $25,000, in favor of the state, before representing that the
purchaser will earn or is likely to earn a profit in excess of the amount of the initial consideration the
purchaser paid, or otherwise representing that the purchaser is assured of making a profit from the
business opportunity. The security may be obtained in the form of a surety bond, a trust account, or an
irrevocable letter of credit. After establishing the required security, the principal seller must file a copy
of the bond, notification of the trust account, or letter of credit or with the secretary of state. This form
is designed to meet the minimum statutory requirements for a formal notification of trust account
obtained to satisfy Section 51.101.
Instructions for Form
Principal Seller: Provide the name and mailing address of the business opportunity principal
seller filing the trust account notice.
Depository Institution: Provide the name and mailing address of the depository institution. The
depository institution must have the power to accept deposits and be authorized to transact
business under the law of the State of Texas.
Trust Account: Provide the number used by the depository institution to identify the trust
account.
Trustee: Provide the name and mailing address of the trustee managing the account.
Execution: A person who is authorized to sign on behalf of the depository institution must sign
and date the trust account notice.
Payment and Delivery Instructions: There is no filing fee for submitting a trust account
notice.
The notice may be mailed to Registrations Unit, P.O. Box 13193, Austin, Texas 78711-3193 or
delivered to the James Earl Rudder Office Building, 1019 Brazos, Austin, Texas 78701.
Revised 05/2016
Form 2705 Instruction Page 1 – Do not submit with filing.
This space reserved for office use.
Trust Account Notice
For A Business Opportunity Seller
Form 2705 (Revised 05/16)
Please submit to:
Secretary of State
Registrations Unit
P.O. Box 13193
Austin, TX 78711-3193
Filing Fee: None
BUSINESS
OPPORTUNITY
SELLER
Mailing Address City State Zip
Name:
DEPOSITORY
INSTITUTION
Name:
Mailing Address City State Zip
TRUST ACCOUNT Number: Amount: Twenty-five thousand dollars ($25,000.00)
TRUSTEE Name:
Mailing Address City State Zip
The trust account described above has been irrevocably established in favor of the state for the benefit of a
person damaged by the above-named seller’s (1) violation of Chapter 51, Business & Commerce Code;
(2) breach of the business opportunity contract; or (3) breach of an obligation arising from a business
opportunity sale.
DEPOSITORY INSTITUTION agrees to act as the sole agent for the purpose of holding this security for
the secretary of state’s exclusive use. We agree not to release, make payment, or otherwise divert or dispose
of the trust account funds except in accordance with the written instructions of the secretary of state. It is
understood that notice to or consent of the business opportunity seller or trustee shall not be required for
disposition of the trust account funds by the secretary of state.
DEPOSITORY INSTITUTION further agrees not to exercise any offset rights it may have with respect to
the trust account funds or to otherwise impede, hinder, delay, prevent, obstruct or interfere with the secretary
of state’s right to redeem and collect the surety account funds promptly.
DEPOSITORY INSTITUTION acknowledges that it has the power to accept deposits and is authorized to
transact business under the law of the State of Texas.
The trust account shall be maintained until the earlier of: (1) approval of the secretary of state to cancel the
trust account; or (2) two years after the registrant formally terminates registration.
Date:
Signature of authorized person for DEPOSITORY INSTITUTION
Printed or typed name of authorized person for DEPOSITORY INSTITUTION
Form 2705 1
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Form 2705General Information: (Trust Account Notice for a (Texas Secretary of State)

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Completed 6 November 2020

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