Tex. Loc. Gov't Code § 392.102 · Subchapter F. REMEDIES
OPTIONAL REMEDIES OF AN OBLIGEE.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) By resolution, trust indenture, mortgage, lease, or other contract, an authority may confer on an obligee holding or representing a specified amount in bonds or holding a lease the right on default to:
(1) the possession of a housing project or part of a housing project;
(2) the appointment of a receiver of a housing project or part of a housing project and of the rents and profits of the project; or
(3) require the authority and the commissioners of the authority to account as if the authority and commissioners were the trustees of an express trust.
(b) The resolution or other instrument conferring a right under Subsection (a) must define the term "default." The obligee may enforce the right in a proceeding in a court of competent jurisdiction.
(c) A receiver appointed in a proceeding brought under this section may take possession of, operate, maintain, and collect and receive the fees, rents, revenues, or other charges of the project or part of the project. The receiver shall keep the money in one or more separate accounts and apply the money in accordance with the obligations of the authority as the court directs.
Notes and commentary — not statutory text
History
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/LG/htm/LG.392.htm
- Text hash
- sha256 4e3d3bc8c239dbaef927763659c4dac54f6eb3ee6fec35c02bfe5a9bedeec6c2
- 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.