116.163 – OBLIGATION TO PAY MONEY. (a) An amount received
Texas Property Code § 116.163
Summary
This law outlines how trustees must allocate interest and proceeds from financial obligations. It specifies that interest received is classified as income, while amounts from the sale or redemption of obligations are allocated to principal, ensuring clear financial management for trustees.
Interest received must be allocated to income.
Proceeds from obligation sales go to principal.
No amortization of premium is allowed for interest.
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In simple terms: Learn about Texas's OBLIGATION TO PAY MONEY. (a) An amount received 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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