116.055 – FIRST MORTGAGES ON IMPROVED REAL PROPERTY. (a)
Texas Local Government Code § 116.055
Summary
This law allows counties to use closed first mortgages on improved real property as security, provided they are approved by the commissioners court. It ensures that the mortgages are unencumbered and that a legal opinion confirms the lien's superiority before approval.
Mortgages must be on improved, unencumbered real property.
Approval is required from the commissioners court.
A legal opinion must confirm lien superiority.
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In simple terms: Learn about Texas's FIRST MORTGAGES ON IMPROVED REAL PROPERTY. (a) law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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