Texas Government Code 1508.112 – Appointment of Trustee; Attorney’s Fees
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Terms Used In Texas Government Code 1508.112
- Contract: A legal written agreement that becomes binding when signed.
- Trustee: A person or institution holding and administering property in trust.
A contract under which a project is encumbered under this subchapter may provide for:
(1) the selection of a trustee to sell the project on:
(A) a default in the payment of principal or interest; or
(B) a violation of the terms of the encumbrance;
(2) the selection of a successor trustee if the original trustee or a substitute trustee is disqualified or fails to act; and
(3) attorney’s fees in an amount not to exceed 10 percent of the unpaid principal.