Texas Local Government Code 116.059 – Valuation of Real Property Provided as Security
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Terms Used In Texas Local Government Code 116.059
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
The commissioners court shall investigate all real property security and determine the value at which the property will be accepted. The commissioners court may not accept real property as security at a value greater than 50 percent of the reasonable market value of the property covered by a mortgage unless the mortgage is insured or guaranteed by the Federal Housing Administration.