Texas Finance Code 124.252 – Illegality of Loan Not a Bar to Enforcement or Collection
Current as of: 2024 | Check for updates
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Terms Used In Texas Finance Code 124.252
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- 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
The illegality of a loan does not prevent enforcement of the loan agreement against or collection of the loan from a person who is otherwise liable on the loan, including:
(1) the borrower; or
(2) a guarantor or surety.