Sec. 8504.306. SALE UNDER MORTGAGE OR ENCUMBRANCE. (a) Under a sale ordered under a mortgage or encumbrance described by Section 8504.305, a purchaser of the improvements, facilities, and other property at the sale, and the purchaser's successors or assigns, are vested with a permit and franchise to maintain and operate the improvements, facilities, and other property, with powers and privileges like those held by the authority in the operation of the improvements, facilities, and other property.
(b) Instead of operating the improvements, facilities, and other property as provided by Subsection (a), the purchaser and the purchaser's successors or assigns may remove all or part of the improvements, facilities, and other property for diversion to other purposes.
Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.04, eff. April 1, 2015.
Structure Texas Statutes
Special District Local Laws Code
Title 6 - Water and Wastewater
Subtitle G - River Authorities
Chapter 8504 - Lower Neches Valley Authority
Subchapter G. Obligations Relating to Borrowed Money
Section 8504.301. General Power to Borrow Money
Section 8504.302. Covenants for Marketability
Section 8504.303. Holder of Obligation May Compel Performance
Section 8504.304. Holder of Obligation Entitled to Administrator or Receiver
Section 8504.305. Additional Security for Obligation: Mortgage and Encumbrance
Section 8504.306. Sale Under Mortgage or Encumbrance