Texas Property Code - Section 82.164. Loans As Eligible Investments
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§ 82.164. LOANS AS ELIGIBLE INVESTMENTS. (a) A loan on a
condominium unit and the undivided interest in the common elements
is an eligible investment for a bank, savings and loan association,
trust company, life insurance company, or other lending institution
that is authorized to make real property loans, and for an
administrator, guardian, executor, trustee, individual,
partnership, corporation, or other fiduciary that is authorized to
make real property loans. In determining eligibility, the
existence of a prior lien for taxes, assessments, or other similar
charges not yet delinquent may not be considered in determining
whether a mortgage or deed of trust on the security is a first lien.
This section does not change any provision of law that would
otherwise be applicable that limits mortgage investments based on a
special fraction or percentage of the value of the mortgaged
property.
(b) An association's lien for assessments does not make a
condominium unit ineligible for loans for which the unit would
otherwise qualify.
Added by Acts 1993, 73rd Leg., ch. 244, § 1, eff. Jan. 1, 1994.
Section: 82.157 82.158 82.159 82.160 82.161 82.162 82.163 82.164 91.001 91.003 91.004 91.005 91.006 92.001 92.002
Last modified: August 11, 2007
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