Texas Finance Code 159.151 – Money Held in Trust
Current as of: 2024 | Check for updates
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Terms Used In Texas Finance Code 159.151
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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
A person who collects or receives a payment from a wrap borrower under the terms of a wrap mortgage loan holds the money in trust for the benefit of the borrower.