Tex. Fin. Code § 125.511 · Subchapter F. SAFE DEPOSIT BOXES
AUCTION OF CONTENTS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.125.htm
- Text hash
- sha256 d26247a0c6813d325868442ac62c6d9b9b7aa40e3ecc30042d3a0da0d1656e66
- 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
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.