Sec. 355.1551. CLAIM HOLDER DUTY TO POSSESS OR SELL WITHIN REASONABLE TIME. (a) A holder of a claim allowed and approved under Section 355.151(a)(2) who elects to take possession or sell the property securing the debt before final maturity in satisfaction of the holder's claim must do so within a reasonable time, as determined by the court.
(b) If the claim holder fails to take possession or sell secured property within the time determined by the court under Subsection (a), on application by the personal representative, the court may require the sale of the property free of the lien and apply the proceeds to the payment of the whole debt in full satisfaction of the claim.
(c) This section does not apply to an estate administered as an independent administration under Subtitle I.
Added by Acts 2015, 84th Leg., R.S., Ch. 949 (S.B. 995), Sec. 39, eff. September 1, 2015.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 1141 (H.B. 2782), Sec. 28, eff. September 1, 2019.
Structure Texas Statutes
Title 2 - Estates of Decedents; Durable Powers of Attorney
Subtitle H - Continuation of Administration
Chapter 355 - Presentment and Payment of Claims
Subchapter D. Presentment and Payment of Secured Claims for Money
Section 355.151. Option to Treat Claim as Matured Secured Claim or Preferred Debt and Lien
Section 355.152. Period for Specifying Treatment of Secured Claim
Section 355.153. Payment of Matured Secured Claim
Section 355.154. Preferred Debt and Lien
Section 355.155. Payment of Maturities on Preferred Debt and Lien
Section 355.1551. Claim Holder Duty to Possess or Sell Within Reasonable Time
Section 355.156. Affidavit Required for Foreclosure
Section 355.157. Citation on Application
Section 355.158. Hearing on Application
Section 355.159. Manner of Foreclosure; Minimum Price
Section 355.160. Unsuccessful Foreclosure; Subsequent Application