Texas Health And Safety Code § 362.038 Other Security

Sec. 362.038. OTHER SECURITY. (a) The bonds may be additionally secured by a mortgage, deed of trust lien, or security interest in a designated system of the issuer's governing body and all property and rights appurtenant to the system.

(b) The mortgage, deed of trust lien, or security interest may give the trustee the power to operate the system, sell the system to pay the debt, or take any other action to secure the bonds.

(c) A purchaser at a sale under a mortgage or deed of trust lien is the absolute owner of the system and rights purchased.

Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.

Section: Previous  362.017  362.018  362.019  362.031  362.032  362.033  362.034  362.035  362.036  362.037  362.038  362.039  362.040  362.041  362.042  Next

Last modified: September 28, 2016