Sec. 355.159. MANNER OF FORECLOSURE; MINIMUM PRICE. (a) When the court grants a claim holder the right of foreclosure at a hearing under Section 355.158, the court shall authorize the claim holder to foreclose the claim holder's mortgage, lien, or security interest:
(1) in accordance with the provisions of the document creating the mortgage, lien, or security interest; or
(2) in any other manner allowed by law.
(b) Based on the evidence presented at the hearing, the court may set a minimum price for the property to be sold by foreclosure that does not exceed the fair market value of the property. If the court sets a minimum price, the property may not be sold at the foreclosure sale for a lower price.
Added by Acts 2009, 81st Leg., R.S., Ch. 680 (H.B. 2502), Sec. 1, eff. January 1, 2014.
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