Texas Local Government Code 303.077 – Perfection of Security Interest
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(a) This section applies only to a security interest granted by:
(1) a corporation as security for its bonds;
(2) a credit agreement pledged as security for the obligations of the corporation on the bonds; or
(3) a credit agreement issued or entered into in connection with the bonds.
(b) Notwithstanding § 9.109(d), Business & Commerce Code, and without any other filing, a security interest is perfected until payment of the bonds and credit agreement, with the effect specified by Chapter 9, Business & Commerce Code, when the bonds are registered by the comptroller and the proceedings authorizing the bonds are filed with the comptroller.
Terms Used In Texas Local Government Code 303.077
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- 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.