Texas § UT.39.608 - PROPERTY RIGHTS
Full text of Texas The Texas Constitution § UT.39.608 — PROPERTY RIGHTS, with citation guidance and answers to common questions.
§ UT.39.608. PROPERTY RIGHTS
PROPERTY RIGHTS. (a) The rights and interests of the independent organization or its successor under a debt obligation order issued under this subchapter, including the right to impose, collect, and receive default charges, shall be only contract rights until they are first transferred to an assignee or pledged in connection with an investment agreement entered into under Section 404.0241 , Government Code, or the issuance of debt obligations, at which time they will become default property, as described by Subsection (b). (b) Default property shall constitute a present property right for purposes of contracts concerning the sale or pledge of property, even though the imposition and collection of default charges depends on further acts of the independent organization or others that have not yet occurred. A debt obligation order issued under this subchapter shall remain in effect and the property shall continue to exist for the same period as the pledge of the state described by Section 39.609 . (c) All revenues and collections resulting from default charges shall constitute proceeds only of the default property arising from the debt obligation order. Added by Acts 2021, 87th Leg., R.S., Ch. 908 (H.B. 4492 ), Sec. 5, eff. June 16, 2021.
Frequently Asked Questions About Texas § UT.39.608
What does The Texas Constitution § UT.39.608 cover?
Section UT.39.608 ("PROPERTY RIGHTS") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § UT.39.608?
A common citation format is "The Texas Constitution § UT.39.608" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § UT.39.608 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.