Sec. 403.054. PREFERRED DEBT AND LIEN CLAIMS. During an independent administration, a secured creditor whose claim is a preferred debt and lien against property securing the indebtedness under Section 403.052 is free to exercise any judicial or extrajudicial collection rights, including the right to foreclosure and execution; provided, however, that the creditor does not have the right to conduct a nonjudicial foreclosure sale within six months after letters are granted.
Added by Acts 2011, 82nd Leg., R.S., Ch. 1338 (S.B. 1198), Sec. 2.53, eff. January 1, 2014.
Structure Texas Statutes
Title 2 - Estates of Decedents; Durable Powers of Attorney
Subtitle I - Independent Administration
Chapter 403 - Exemptions and Allowances; Claims
Section 403.051. Duty of Independent Executor
Section 403.052. Secured Claims for Money
Section 403.053. Matured Secured Claims
Section 403.054. Preferred Debt and Lien Claims
Section 403.055. Certain Unsecured Claims; Barring of Claims
Section 403.056. Notices Required by Creditors
Section 403.057. Statute of Limitations
Section 403.058. Other Claim Procedures Generally Do Not Apply
Section 403.0585. Liability of Independent Executor for Payment of a Claim