Texas Health and Safety Code 223.012 – Title to Projects
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(a) An issuer may vest title to a hospital project provided under this chapter in a nonprofit organization.
(b) If the issuer vests the title in a nonprofit organization, it may retain a mortgage interest in the hospital project. The mortgage interest expires when all bonds of the issuer sold to provide the hospital project are paid or provision has been made for their final payment.
Terms Used In Texas Health and Safety Code 223.012
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.