Sec. 1158.405. FAILURE OF BIDDER TO COMPLY. (a) If a person who successfully bids on real estate of the guardianship estate offered at public auction fails to comply with the terms of the bid, the property shall be readvertised and auctioned without any further order.
(b) The person defaulting on a bid as described by Subsection (a) is liable for payment to the guardian of the estate, for the estate's benefit, of:
(1) 10 percent of the amount of the bid; and
(2) the amount of any deficiency in price on the second auction.
(c) The guardian shall recover the amounts under Subsection (b) by suit in any court in the county in which the auction was held that has jurisdiction over the amount claimed.
Added by Acts 2011, 82nd Leg., R.S., Ch. 823 (H.B. 2759), Sec. 1.02, eff. January 1, 2014.
Amended by:
Acts 2021, 87th Leg., R.S., Ch. 521 (S.B. 626), Sec. 41, eff. September 1, 2021.
Structure Texas Statutes
Title 3 - Guardianship and Related Procedures
Subtitle E - Administration of Guardianship
Chapter 1158 - Sale or Partition of Ward's Property
Subchapter I. Sale of Real Estate: Public Auction
Section 1158.401. Required Notice
Section 1158.402. Completion of Auction
Section 1158.403. Time and Place of Auction