Texas Government Code 481.504 – Security for Loans
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Terms Used In Texas Government Code 481.504
- 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
In addition to any other security provided by law, if a defense community defaults on a loan, a state agency making a loan to the defense community for a project described by § 481.502(a) may foreclose under a loan agreement in the manner provided by law for foreclosure and liquidate any collateral provided under the loan agreement to recover any outstanding debt.