Texas § TN.202.026 - RECONVEYANCE OF PROPERTY ACQUIRED FOR FREEWAY

§ TN.202.026. RECONVEYANCE OF PROPERTY ACQUIRED FOR FREEWAY

RECONVEYANCE OF PROPERTY ACQUIRED FOR FREEWAY. (a) The governor, on recommendation of the commission, may execute a deed reconveying the property to the grantor or the grantor's heirs or assigns, if, not later than 12 months after the date the property is acquired for use as an approach-way to an urban freeway, the commission determines that the property is not needed for a highway purpose because of relocation of the approach-way. (b) The sale price for the property must be the same as the purchase price paid by or for the state plus six percent annual interest from the date the original purchase price was paid. (c) When the commission determines that the property is not needed for a highway purpose, it shall send written notice to the grantor, at the grantor's address at the time of acquisition. (d) Not later than the second anniversary of the date the notice is mailed, the grantor or the grantor's heirs or assigns may request in writing that the state reconvey the property to them. (e) If the commission does not receive a request to reconvey the property before the expiration of the period, the commission may dispose of the property at a public sale. Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.