Texas Health and Safety Code 265.0178 – Pledge of Security
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(a) A loan under § 265.0177 may be:
(1) payable from and secured by a pledge of all or part of the revenues, income, or resources of the hospital that are not pledged to pay a bonded indebtedness of the hospital; or
(2) secured by a deed of trust or other security interest in any property of the hospital that is not pledged to pay a bonded indebtedness of the hospital.
(b) The holder of a loan obligation under § 265.0177 is not entitled to demand payment of the principal and interest on the loan from any money or property of the hospital other than the money or property specifically pledged to secure payment of the loan.
Terms Used In Texas Health and Safety Code 265.0178
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: means real and personal property. See Texas Government Code 311.005