Sec. 394.056. BOND AS SECURITY. (a) A bond issued under this chapter or a coupon representing interest on the bond is, when delivered, a security as that term is defined under Chapter 8 of the Uniform Commercial Code (Chapter 8 , Title 1, Business & Commerce Code) and is an exempt security under The Securities Act (Title 12, Government Code). (b) A contract made under this chapter is not a security under The Securities Act.
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