Texas Property Code 53.122 – Equality of Mechanic’s Liens
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(a) Except as provided by Subchapter E and § 53.124(e), perfected mechanic’s liens are on equal footing without reference to the date of filing the affidavit claiming the lien.
(b) If the proceeds of a foreclosure sale of property are insufficient to discharge all mechanic’s liens against the property, the proceeds shall be paid pro rata on the perfected mechanic’s liens on which suit is brought.
Terms Used In Texas Property Code 53.122
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: means real and personal property. See Texas Government Code 311.005
(c) This chapter does not affect the contract between the owner and the original contractor as to the amount, manner, or time of payment of the contract price.