Texas § IN.3502.004 - AUTHORIZED REAL ESTATE SECURITY DEFINED
Full text of Texas The Texas Constitution § IN.3502.004 — AUTHORIZED REAL ESTATE SECURITY DEFINED, with citation guidance and answers to common questions.
§ IN.3502.004. AUTHORIZED REAL ESTATE SECURITY DEFINED
AUTHORIZED REAL ESTATE SECURITY DEFINED. (a) In this chapter, "authorized real estate security" means: (1) a proprietary lease and a stock membership certificate issued to a tenant stockholder or resident member of a fee simple cooperative housing corporation as defined in Section 216, Internal Revenue Code of 1986; or (2) a mortgage, deed of trust, wraparound mortgage, or other instrument that constitutes a first lien or charge on real estate or is considered to be the equivalent of a first lien or charge on real estate by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Federal Housing Finance Board, a successor of one of those entities, an agency of this state, or a federal agency, provided: (A) the improvement on the real estate is a building or buildings designed to be occupied as specified by Section 3502.003 (1); and (B) the real estate loan is a type of loan that is: (i) authorized to be made by a bank, savings and loan association, credit union, or insurer that is supervised and regulated by a department of this state or a federal agency; (ii) authorized to be made by a mortgage banker that is an approved seller-servicer of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or a successor of one of those entities; or (iii) approved by the federal secretary of housing and urban development for participation in a mortgage insurance program. (b) The lien on real estate described by Subsection (a)(2) may be subject and subordinate to: (1) the lien of a public bond, assessment, or tax if there is not a delinquent installment, call, or payment of or under the bond, assessment, or tax; (2) an outstanding mineral, oil, or timber right, right-of-way, easement or right-of-way support, sewer right, building restriction, other restriction or covenant, or other condition or regulation of use; or (3) an outstanding lease on the real estate under which rents or profits are reserved to the owner. Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017 ), Sec. 3, eff. April 1, 2007. SUBCHAPTER B. MORTGAGE GUARANTY INSURERS
Frequently Asked Questions About Texas § IN.3502.004
What does The Texas Constitution § IN.3502.004 cover?
Section IN.3502.004 ("AUTHORIZED REAL ESTATE SECURITY DEFINED") 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 § IN.3502.004?
A common citation format is "The Texas Constitution § IN.3502.004" (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 § IN.3502.004 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.