Sec. 116.059. VALUATION OF REAL PROPERTY PROVIDED AS SECURITY. The commissioners court shall investigate all real property security and determine the value at which the property will be accepted. The commissioners court may not accept real property as security at a value greater than 50 percent of the reasonable market value of the property covered by a mortgage unless the mortgage is insured or guaranteed by the Federal Housing Administration.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
Structure Texas Statutes
Chapter 116 - Depositories for County Public Funds
Subchapter C. Security for Funds Held by Depository
Section 116.051. Qualification as Depository or Subdepository
Section 116.052. Personal Bond
Section 116.054. Bonds, Notes, and Other Securities
Section 116.055. First Mortgages on Improved Real Property
Section 116.056. Real Property
Section 116.0565. Certificate of Deposit
Section 116.057. Condition of Personal Bond or Contract for Securities
Section 116.058. Amount of Security Required
Section 116.059. Valuation of Real Property Provided as Security
Section 116.060. Security Not Required for Federally Insured Deposits