Sections
Subchapter A Insurance Proceeds Held by Lender Pending Repair of Residential Real Property 557.001 – 557.006
Subchapter B Lienholder Approval of Insurance Claim Payment Relating to Personal Property 557.051 – 557.052
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Terms Used In Texas Insurance Code Chapter 557 - Insured Property Subject to Security Interest

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Fiduciary: A trustee, executor, or administrator.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Month: means a calendar month. See Texas Government Code 312.011
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Oath: A promise to tell the truth.
  • Oath: includes affirmation. See Texas Government Code 311.005
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Personal property: All property that is not real property.
  • Population: means the population shown by the most recent federal decennial census. See Texas Government Code 311.005
  • 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.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Swear: includes affirm. See Texas Government Code 311.005
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Venue: The geographical location in which a case is tried.