Texas Finance Code 156.553 – Management of Fund
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(a) The commissioner, as manager of the mortgage grant fund, shall:
(1) subject to Subsection (b), invest and reinvest the assets of the fund;
(2) make disbursements from the fund in accordance with § 156.554;
(3) advise the finance commission regarding the fund;
(4) maintain books and records for the fund as required by the finance commission; and
(5) appear at hearings or judicial proceedings related to the fund.
(b) Amounts in the mortgage grant fund may be invested and reinvested in accordance with Chapter 2256, Government Code, and under the prudent person standard described in § 11b, Article VII, Texas Constitution.
Terms Used In Texas Finance Code 156.553
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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