Texas Estates Code 403.054 – Preferred Debt and Lien Claims
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Estates Code 403.054
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Property: means real and personal property. See Texas Government Code 311.005
During an independent administration, a secured creditor whose claim is a preferred debt and lien against property securing the indebtedness under § 403.052 is free to exercise any judicial or extrajudicial collection rights, including the right to foreclosure and execution; provided, however, that the creditor does not have the right to conduct a nonjudicial foreclosure sale within six months after letters are granted.