Tex. Gov't Code § 1201.044 · Subchapter C. FINANCIAL ASPECTS OF PUBLIC SECURITY
PLEDGE OR LIEN ON RESOURCES, ASSETS, OR FUND OF ISSUER.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A pledge or lien provided for in a public security authorization on a resource of an issuer, including revenue or income, on an asset of an issuer, or on a fund maintained by an issuer:
(1) is valid without further action by the issuer according to its terms and without being filed or recorded, except in the records of the issuer;
(2) is effective from the time of payment for and delivery of the public security until the public security is paid or payment of the public security has been provided for; and
(3) is effective as to an item on hand or later received, and the item is subject to the lien or pledge without physical delivery of the item or other act.
(b) This section does not exempt an issuer from a duty to:
(1) record a lien on real property; or
(2) submit a public security to the attorney general for approval and registration by the comptroller.
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1201.htm
- Text hash
- sha256 00127e2ebf92c3945065f8aa6be7b474abf02813a875096a8f79bf12073e4bc8
- 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
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.