Public-domain · open source
OpenJurist

Tex. Loc. Gov't Code § 303.077

PERFECTION OF SECURITY INTEREST

Known as the Public Facility Corporation Act

The act spans §§ 303.001 to 303.124 (56 sections).

Added by Acts 1999, 76th Leg., ch. 227, Sec. 11, eff

(a) This section applies only to a security interest granted by:

(1) a corporation as security for its bonds;

(2) a credit agreement pledged as security for the obligations of the corporation on the bonds; or

(3) a credit agreement issued or entered into in connection with the bonds.

(b) Notwithstanding Section 9.109(d), Business & Commerce Code, and without any other filing, a security interest is perfected until payment of the bonds and credit agreement, with the effect specified by Chapter 9, Business & Commerce Code, when the bonds are registered by the comptroller and the proceedings authorizing the bonds are filed with the comptroller.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.