Texas Estates Code 355.155 – Payment of Maturities On Preferred Debt and Lien
(a) If property securing a debt for which a claim is allowed, approved, and fixed under § 355.151(a)(2) is not sold or distributed within six months from the date letters testamentary or of administration are granted, the personal representative of the estate shall:
(1) promptly pay all maturities that have accrued on the debt according to the terms of the debt; and
(2) perform all the terms of any contract securing the debt.
(b) If the personal representative defaults in payment or performance under Subsection (a), on application of the claim holder, the court shall:
(1) require the sale of the property subject to the unmatured part of the debt and apply the proceeds of the sale to the liquidation of the maturities;
(2) require the sale of the property free of the lien and apply the proceeds to the payment of the whole debt; or
(3) authorize foreclosure by the claim holder as provided by this subchapter.
Terms Used In Texas Estates Code 355.155
- Contract: A legal written agreement that becomes binding when signed.
- Court: means and includes:
(1) a county court in the exercise of its probate jurisdiction;
(2) a court created by statute and authorized to exercise original probate jurisdiction; and
(3) a district court exercising original probate jurisdiction in a contested matter. See Texas Estates Code 22.007 - Estate: means a decedent's property, as that property:
(1) exists originally and as the property changes in form by sale, reinvestment, or otherwise;
(2) is augmented by any accretions and other additions to the property, including any property to be distributed to the decedent's representative by the trustee of a trust that terminates on the decedent's death, and substitutions for the property; and
(3) is diminished by any decreases in or distributions from the property. See Texas Estates Code 22.012 - 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
- personal representative: include :
(1) an executor and independent executor;
(2) an administrator, independent administrator, and temporary administrator; and
(3) a successor to an executor or administrator listed in Subdivision (1) or (2). See Texas Estates Code 22.031 - Property: means real and personal property. See Texas Government Code 311.005