Sec. 125.511. AUCTION OF CONTENTS. (a) If the rental, cost, and damages determined under Section 125.510(d) are not paid before the second anniversary of the date on which the box is opened, the credit union may:
(1) sell all or part of the contents at a public auction in the manner and on the notice prescribed for the sale of real property under deed of trust under Section 51.002, Property Code; and
(2) apply the sale proceeds to the rental, cost, and damages.
(b) The credit union shall send to the comptroller as provided by Chapter 74, Property Code:
(1) the unauctioned contents of a box; and
(2) any excess proceeds from the auction.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Section: Previous 125.401 125.402 125.403 125.404 125.405 125.501 125.502 125.503 125.504 125.505 125.506 125.507 125.508 125.509 125.510Last modified: September 28, 2016