Texas Water Code 60.178 – Trustee to Enforce Foreclosure; Franchise Under Foreclosure
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(a) The encumbrance may provide for a trustee to enforce foreclosure.
(b) In the event of foreclosure of an encumbrance created under this subchapter, the encumbrance may provide for the grant of a franchise to the purchaser under foreclosure to operate the properties encumbered for a period not to exceed 20 years from the date of default. The district shall have the option at any five-year period for 20 years after default to repurchase the properties on reasonable terms and at reasonable prices to be set forth in the encumbrance.
Terms Used In Texas Water Code 60.178
- 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
- Trustee: A person or institution holding and administering property in trust.
(c) The provisions of Sections 61.164-61.168 of this code, relating to the grant of franchises by districts, shall not apply to the grant of any franchises under authority of this section.