Texas Property Code 70.502 – Amount of Lien
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Property Code 70.502
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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
The amount of a landowner’s lien under this subchapter is equal to the lesser of:
(1) the fair market value of the motor vehicle on the date the landowner’s fence is damaged; or
(2) the actual cost incurred by the landowner to:
(A) repair the fence;
(B) recapture any livestock or other animals that escaped as a direct result of the damage to the fence; and
(C) have the vehicle towed from the property and stored.