Texas § SD.8504.305 - ADDITIONAL SECURITY FOR OBLIGATION
Full text of Texas The Texas Constitution § SD.8504.305 — ADDITIONAL SECURITY FOR OBLIGATION, with citation guidance and answers to common questions.
§ SD.8504.305. ADDITIONAL SECURITY FOR OBLIGATION
ADDITIONAL SECURITY FOR OBLIGATION: MORTGAGE AND ENCUMBRANCE. (a) As additional security for the payment of an obligation issued under this chapter, the board may have executed in favor of the holder of the obligation an indenture mortgaging and encumbering: (1) the improvements, facilities, and other property acquired with the proceeds of the sale of the obligation; or (2) all the authority's improvements, facilities, and other property. (b) The indenture may also mortgage and encumber the revenue to be derived from the operation of the improvements, facilities, and other property. (c) In the encumbrance, the board may provide for granting to any purchaser at a foreclosure sale under the encumbrance a franchise to operate the improvements, facilities, and other property for a term not to exceed 50 years after the date of the purchase, subject to the laws regulating the matter. (d) The indenture: (1) may contain the provisions the board considers proper; and (2) is enforceable in the manner provided by the laws of this state for the enforcement of other mortgages and encumbrances. Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026 ), Sec. 1.04, eff. April 1, 2015.
Frequently Asked Questions About Texas § SD.8504.305
What does The Texas Constitution § SD.8504.305 cover?
Section SD.8504.305 ("ADDITIONAL SECURITY FOR OBLIGATION") 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 § SD.8504.305?
A common citation format is "The Texas Constitution § SD.8504.305" (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 § SD.8504.305 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.