Texas Finance Code 125.511 – Auction of Contents
Current as of: 2024 | Check for updates
|
Other versions
(a) If the rental, cost, and damages determined under Section 125.510(d) are not paid before the second anniversary of the date on which the box is opened, the credit union may:
(1) sell all or part of the contents at a public auction in the manner and on the notice prescribed for the sale of real property under deed of trust under Section 51.002, Property Code; and
(2) apply the sale proceeds to the rental, cost, and damages.
(b) The credit union shall send to the comptroller as provided by Chapter 74, Property Code:
(1) the unauctioned contents of a box; and
(2) any excess proceeds from the auction.
Terms Used In Texas Finance Code 125.511
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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.