Texas Utilities Code 162.125 – Encumbrance and Disposition of Property Without Members’ Authorization
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(a) The board of a telephone cooperative may, without authorization of the members, authorize the execution and delivery of a mortgage or deed of trust of or the encumbering of any property of the cooperative, including property to be acquired and the revenues from property of the cooperative, to secure any indebtedness of the cooperative to the United States or any lending institution licensed by the United States or a state.
(b) A mortgage or deed of trust described by Subsection (a) is exempt from a tax for recording the instrument.
Terms Used In Texas Utilities Code 162.125
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: means real and personal property. See Texas Government Code 311.005
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005