Tex. Transp. Code § 503.040 · Subchapter B. GENERAL DISTINGUISHING NUMBER
SALES OF CERTAIN USED MOTOR VEHICLES CONSTITUTE PRIVATE DISPOSITION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) This section applies only to the sale of a used motor vehicle that constitutes collateral by a secured party acting under Chapter 9, Business & Commerce Code, and occurs at an auction conducted by an independent motor vehicle dealer:
(1) at which neither the debtor nor the secured party is permitted to bid; and
(2) for which there has been no advertisement or public notice before the sale that specifically describes the collateral to be sold, other than the inclusion of the motor vehicle in a list of the vehicles to be offered at the auction made available to potential bidders at the auction.
(b) The sale of the used motor vehicle constitutes a private disposition for purposes of Chapter 9, Business & Commerce Code.
Notes and commentary — not statutory text
History
Added by Acts 2009, 81st Leg., R.S., Ch. 836 (S.B. 1827), Sec. 1, eff. September 1, 2009.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/TN/htm/TN.503.htm
- Text hash
- sha256 d25995058c51ea98195cbfdcc1ee140399ff4cecb1a4b256ad951e4ef75ad859
- 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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Business & Commerce Code
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.