Texas Finance Code 342.454 – Return of Instruments to Borrower On Repayment
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Terms Used In Texas Finance Code 342.454
- Contract: A legal written agreement that becomes binding when signed.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Within a reasonable time after a loan is repaid in full or an open-end account is terminated according to the terms of the contract, a lender shall cancel and return to a borrower any instrument, including a note, assignment, security agreement, or mortgage that:
(1) secured the loan; and
(2) does not secure another indebtedness of the borrower to the lender.