Texas Finance Code 347.355 – Repossession On Default
Current as of: 2024 | Check for updates
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(a) If a consumer is in default, the creditor who possesses the first recorded perfected security interest may repossess the manufactured home.
(b) If the manufactured home is affixed to real property, the creditor, after notice, may remove the manufactured home from the real property in accordance with the applicable provisions of the Business & Commerce Code as if it were personal property.
Terms Used In Texas Finance Code 347.355
- Consumer: means a person to whom credit is extended in a credit transaction. See Texas Finance Code 347.002
- Creditor: means a:
(A) person who extends credit or arranges for the extension of credit in a credit transaction; or
(B) retailer or broker, as defined by § 1201. See Texas Finance Code 347.002 - Manufactured home: has the meaning assigned by § 1201. See Texas Finance Code 347.002
- Personal property: All property that is not real property.
- 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.