Texas Property Code 64.001 – Definitions
Terms Used In Texas Property Code 64.001
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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.
- 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
- Personal property: All property that is not real property.
- 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.
- Signature: includes the mark of a person unable to write, and "subscribe" includes the making of such a mark. See Texas Government Code 312.011
In this chapter:
(1) “Assignee” means a person entitled to enforce a security instrument.
(2) “Assignment of rents” means a transfer of an interest in rents in connection with an obligation secured by real property from which the rents arise. The term does not include a contract for a charge authorized by § 306.101, Finance Code, or a true sale of rents.
(3) “Assignor” means a person who makes a security instrument that creates an assignment of rents arising from real property or that person’s successor in interest with respect to the real property.
(4) “Cash proceeds” means proceeds that are money, checks, deposit accounts, or the like.
(5) “Day” means a calendar day.
(6) “Deposit account” means a demand, time, savings, passbook, escrow, or similar account maintained with a bank, savings bank, savings and loan association, credit union, trust company, or other person.
(7) “Document” means information that is inscribed on a tangible medium or that is stored on an electronic or other medium and is retrievable in perceivable form.
(8) “Proceeds” means personal property that is received, collected, or distributed on account of an obligation to pay rents.
(9) “Rents” means consideration payable for the right to possess or occupy, or for possessing or occupying, real property, consideration payable to an assignor under a policy of rental interruption insurance covering real property, claims arising out of a default in the payment of consideration payable for the right to possess or occupy real property, consideration payable to terminate an agreement to possess or occupy real property, consideration payable to an assignor for payment or reimbursement of expenses incurred in owning, operating, and maintaining, or constructing or installing improvements on, real property, or any other consideration payable under an agreement relating to the real property that constitutes rents under a law of this state other than this chapter. The term does not include consideration payable under an oil and gas lease, mineral lease, or other conveyance of a mineral estate.
(10) “Secured obligation” means an obligation secured by an assignment of rents.
(11) “Security instrument” means:
(A) a security instrument, as that term is defined by § 51.0001; or
(B) an agreement containing an assignment of rents.
(12) “Security interest” means an interest in property that arises by agreement and secures an obligation.
(13) “Sign” includes to sign by an electronic signature, as defined by § 15.002.
(14) “Tenant” means a person who has an obligation to pay for the right to possess or occupy, or for possessing or occupying, real property.