Texas Attorney General Opinion: WW-409 Page: 2 of 3
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Honorable Robert S. Calvert, Page 2 (WW-409)
In our opinion the controlling term of Section 4
(e) is "proceeds from the sale". That is to say, if the
earnest money, when forfeited, can be deemed "proceeds from
the sale" of the property, it must be credited to the High-
way Fund. Of course the Board of Control would be entitled
to a credit equal to the cost of advertising the sale.
The property was sold to the high bidder upon the
opening of sealed bids. The conditions.,,of sale.called for a..
bid deposit in the amount of fifteen per cent (15%) of the
bid-price. This 15% bid deposit was to be forfeited in the.
event -the .high bidder failed to take the property. If it were
not for .the sale and the terms and conditions thereof concern-
ing :the earnest-money, the money in question would not have
accrued to the benefit of the State.
Therefore; it is our opinion that the 15% bid de-
posit, upon forfeiture, comes within the term "proceeds from
the saleI' of porperty as that term is used in Section 4. (e)
of Article 666. It is further our opinion, in answer to your
question, that the earnest money forfeited on the sale of
property-'by the Board of Control for the Highway Department
should be credited to the State Highway Fund after deducting
the cost of advertising the sale and crediting such sum to
the Board of Control.
The earnest money forfeited
on the sale of property by
the Board of Control for the
.Highway Department comes within
the term "proceeds from the
sale" as -used in Section 4 (e)
of Article 666 of Vernon's An-
notated Texas Civil Statutes,
the'efore,- this sum should be
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Texas. Attorney-General's Office. Texas Attorney General Opinion: WW-409, text, April 8, 1958; (texashistory.unt.edu/ark:/67531/metapth267021/m1/2/: accessed November 16, 2018), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.