Texas Business and Commerce Code 271.008 – Applicability to Certain Real Property Transactions; Exceptions
(a) Sections 271.004-271.007 apply to the determination of the law that governs an issue relating to a transaction involving real property other than a matter described by Subsection (b), including the validity or enforceability of an indebtedness incurred in consideration for the transfer of, or the payment of which is secured by a lien on, real property.
(b) Sections 271.004-271.007 do not apply to the determination of the law that governs:
(1) whether a transaction transfers or creates an interest in real property for security purposes or otherwise;
(2) the nature of an interest in real property that is transferred or created by a transaction;
(3) the method for foreclosure of a lien on real property;
(4) the nature of an interest in real property that results from foreclosure; or
(5) the manner and effect of recording or failing to record evidence of a transaction that transfers or creates an interest in real property.
Terms Used In Texas Business and Commerce Code 271.008
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.