Sec. 59.031. DEATH OF A BORROWER. (a) If a borrower receiving financial assistance under this chapter dies while indebted to the state under a contract, the borrower's rights under this chapter and the contract devolve on the borrower's heirs, devisees, or personal representatives under the laws of this state, subject to all rights, claims, and charges of the board.
(b) Default by an heir, devisee, or personal representative with respect to a right, claim, or charge of the board has the same effect as default by the borrower before the borrower's death.
Added by Acts 1993, 73rd Leg., ch. 542, Sec. 1, eff. Sept. 1, 1993. Amended by Acts 1995, 74th Leg., ch. 1014, Sec. 19, eff. Jan. 1, 1996.
Structure Texas Statutes
Title 4 - Agricultural Organizations
Chapter 59 - Farm and Ranch Finance Program
Section 59.023. Powers of Board
Section 59.024. Application; Eligibility
Section 59.025. Maximum Amount of Loan or Guarantee
Section 59.026. Transfer of Borrower's Interest
Section 59.027. Changes in Use
Section 59.029. Payments to Board Under Certain Leases
Section 59.030. Term of Leases