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Glenn Hegar  ·  Texas Comptroller of Public Accounts

Reporting Requirements for Annual Financial Reports of State Agencies and Universities

General Accounting

Subleases and Similar Transactions

A sublease arrangement exists when the leased property is assigned to a third party by the original lessee and the original lease agreement remains in effect.

The new lessee becomes the primary obligor under the new lease agreement — and the original lessee may or may not be secondarily liable.

With cancellation of the original lease agreement, a new lessee is substituted through a new lease agreement.

Glenn Hegar
Texas Comptroller of Public Accounts
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