Texas Property Code 54.901 – Disposal of Certain Motor Vehicles Subject to Lien
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(a) Notwithstanding any other law, a person authorized to dispose of property for which a lien under this chapter is attached may dispose of the property in accordance with Subchapter D, Chapter 683, Transportation Code, if:
(1) the property is a motor vehicle; and
(2) the person determines that:
(A) the vehicle’s only residual value is as a source of parts or scrap metal; or
(B) it is not economical to dispose of the vehicle at a public sale.
(b) If a person disposes of the property under Subsection (a), the person shall apply the fair market value of the motor vehicle to the charges due to the person.
Terms Used In Texas Property Code 54.901
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Property: means real and personal property. See Texas Government Code 311.005