Sec. 1352.106. USE OF PROCEEDS. Proceeds of a home equity loan that is the subject of an application under Section 1352.102 that are attributable to the minor ward's interest may be spent only to:
(1) make improvements to the homestead;
(2) pay for the ward's education or maintenance expenses; or
(3) pay the loan's outstanding balance.
Added by Acts 2011, 82nd Leg., R.S., Ch. 823 (H.B. 2759), Sec. 1.02, eff. January 1, 2014.
Structure Texas Statutes
Title 3 - Guardianship and Related Procedures
Subtitle I - Other Special Proceedings and Substitutes for Guardianship
Chapter 1352 - Mortgage of Minor's Interest in Residence Homestead
Subchapter C. Mortgage of Minor Ward's Interest Without Guardianship of the Estate
Section 1352.101. Applicability of Subchapter
Section 1352.102. Authority to Mortgage Minor Ward's Interest Without Guardianship of the Estate
Section 1352.103. Application; Venue
Section 1352.104. Hearing; Requirements to Mortgage Minor Ward's Interest
Section 1352.105. Surety Bond; Discharge of Sureties
Section 1352.106. Use of Proceeds
Section 1352.107. Annual Accounting
Section 1352.108. Disaffirmation of Home Equity Loan Prohibited