Tex. Est. Code § 355.1551 · Subchapter D. PRESENTMENT AND PAYMENT OF SECURED CLAIMS FOR MONEY
CLAIM HOLDER DUTY TO POSSESS OR SELL WITHIN REASONABLE TIME.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A holder of a claim allowed and approved under Section 355.151(a)(2) who elects to take possession or sell the property securing the debt before final maturity in satisfaction of the holder's claim must do so within a reasonable time, as determined by the court.
(b) If the claim holder fails to take possession or sell secured property within the time determined by the court under Subsection (a), on application by the personal representative, the court may require the sale of the property free of the lien and apply the proceeds to the payment of the whole debt in full satisfaction of the claim.
(c) This section does not apply to an estate administered as an independent administration under Subtitle I.
Notes and commentary — not statutory text
History
Added by Acts 2015, 84th Leg., R.S., Ch. 949 (S.B. 995), Sec. 39, eff. September 1, 2015.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 1141 (H.B. 2782), Sec. 28, eff. September 1, 2019.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/ES/htm/ES.355.htm
- Text hash
- sha256 52f7f35484ae04ec1f88d18214e490ea8cfe5772894a737d97c5ee0cdf6fd58a
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
This section cites
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