Texas Occupations Code 1201.460 – Compliance Not Required for Lienholder
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(a) A holder of a lien recorded on the statement of ownership of a manufactured home that has not been converted to real property who sells or exchanges a repossessed manufactured home covered by that statement of ownership is not required to comply with this chapter if the sale or exchange is:
(1) to or through a licensed retailer; or
(2) to a purchaser for the purchaser’s business use or another nonresidential use.
(b) If the sale or exchange of the repossessed manufactured home is to or through a licensed retailer, the retailer is responsible and liable for compliance with this chapter and department rules. The lienholder may not be joined as a party in any litigation relating to the sale or exchange of the home.
Terms Used In Texas Occupations Code 1201.460
- Lien: A claim against real or personal property in satisfaction of a debt.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(c) If the sale or exchange of the repossessed manufactured home is to a purchaser for the purchaser’s business use or another nonresidential use, the lienholder shall apply to the department for the issuance of a new statement of ownership indicating that the home is reserved for a business use or another nonresidential use.