Texas Property Code 63.004 – Refinancing of Lien
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(a) A person who provides funds to refinance a lien secured by a manufactured home is subrogated to the lien position of the previous lienholder.
(b) If the holder of a lien secured by a manufactured home transfers loan or credit advance documents to a lender refinancing the lien, that lender and a title insurance company, title insurance agent or direct operation, or attorney to whom the loan or credit advance documents are delivered holds the loan or credit advance documents in trust for that lienholder. In this subsection, “direct operation” has the meaning assigned by § 2501.003, Insurance Code.
Terms Used In Texas Property Code 63.004
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(c) A lien that is converted to a purchase money lien on real property under § 63.003, or a lien for the debt for new improvements thereon under § 63.005, may be refinanced with another lien on the real property to which the manufactured home is permanently attached as provided by § 2.001.