Tex. Est. Code Section 355.153
Payment of Matured Secured Claim

(a)

A claim allowed and approved as a matured secured claim under Section 355.151 (Option to Treat Claim as Matured Secured Claim or Preferred Debt and Lien)(a)(1) shall be paid in due course of administration, and the secured creditor is not entitled to exercise any other remedy in a manner that prevents the preferential payment of claims and allowances described by Sections 355.103 (Priority of Certain Payments)(1), (2), and (3).

(b)

If a claim is allowed and approved as a matured secured claim under Section 355.151 (Option to Treat Claim as Matured Secured Claim or Preferred Debt and Lien)(a)(1) for a debt that would otherwise pass with the property securing the debt to one or more devisees in accordance with Section 255.301 (No Right to Exoneration of Debts), the personal representative shall:

(1)

collect from the devisees the amount of the debt; and

(2)

pay that amount to the claimant in satisfaction of the claim.

(c)

Each devisee’s share of the debt under Subsection (b) is an amount equal to a fraction representing the devisee’s ownership interest in the property securing the debt, multiplied by the amount of the debt.

(d)

If the personal representative is unable to collect from the devisees an amount sufficient to pay the debt under Subsection (b), the representative shall, subject to Chapter 356 (Sale of Estate Property), sell the property securing the debt. The representative shall:

(1)

use the sale proceeds to pay the debt and any expenses associated with the sale; and

(2)

distribute the remaining sale proceeds to each devisee in an amount equal to a fraction representing the devisee’s ownership interest in the property, multiplied by the amount of the remaining sale proceeds.

(e)

If the sale proceeds under Subsection (d) are insufficient to pay the debt and any expenses associated with the sale, the difference between the sale proceeds and the sum of the amount of the debt and the expenses associated with the sale shall be paid in the manner prescribed by Subsection (a).
Added by Acts 2009, 81st Leg., R.S., Ch. 680 (H.B. 2502), Sec. 1, eff. January 1, 2014.

Source: Section 355.153 — Payment of Matured Secured Claim, https://statutes.­capitol.­texas.­gov/Docs/ES/htm/ES.­355.­htm#355.­153 (accessed Jun. 5, 2024).

355.001
Presentment of Claim to Personal Representative 355.002
Presentment of Claim to Clerk 355.003
Inclusion of Attorney’s Fees in Claim 355.004
Affidavit Authenticating Claim for Money in General 355.005
Affidavit Authenticating Claim of Corporation or Other Entity 355.006
Lost or Destroyed Evidence Concerning Claim 355.007
Waiver of Certain Defects of Form or Claims of Insufficiency 355.008
Effect on Statutes of Limitation of Presentment of or Suit on Claim 355.051
Allowance or Rejection of Claim 355.052
Failure to Timely Allow or Reject Claim 355.053
Claim Entered on Claim Docket 355.054
Contest of Claim 355.055
Court’s Action on Claim 355.056
Hearing on Certain Claims 355.057
Court Order Regarding Action on Claim 355.058
Appeal of Court’s Action on Claim 355.059
Allowance and Approval Prohibited Without Affidavit 355.060
Unsecured Claims Barred Under Certain Circumstances 355.061
Allowing Barred Claim Prohibited: Court Disapproval 355.062
Certain Actions on Claims with Lost or Destroyed Evidence Void 355.063
Claims Not Allowed After Order for Partition and Distribution 355.064
Suit on Rejected Claim 355.065
Presentment of Claim Prerequisite for Judgment 355.066
Judgment in Suit on Rejected Claim 355.101
Approval or Establishment of Claim Required for Payment 355.102
Claims Classification 355.103
Priority of Certain Payments 355.104
Payment of Proceeds from Sale of Property Securing Debt 355.105
Claimant’s Petition for Allowance and Payment of Claim 355.106
Order for Payment of Claim Obtained by Personal Representative 355.107
Order for Payment of Claim Obtained by Creditor 355.108
Payment When Assets Insufficient to Pay Claims of Same Class 355.109
Abatement of Bequests 355.110
Allocation of Funeral Expenses 355.111
Payment of Court Costs Relating to Claim 355.112
Joint Obligation for Payment of Certain Debts 355.113
Liability for Nonpayment of Claim 355.151
Option to Treat Claim as Matured Secured Claim or Preferred Debt and Lien 355.152
Period for Specifying Treatment of Secured Claim 355.153
Payment of Matured Secured Claim 355.154
Preferred Debt and Lien 355.155
Payment of Maturities on Preferred Debt and Lien 355.156
Affidavit Required for Foreclosure 355.157
Citation on Application 355.158
Hearing on Application 355.159
Manner of Foreclosure 355.160
Unsuccessful Foreclosure 355.201
Claim by Personal Representative 355.202
Claims Against Personal Representatives 355.203
Purchase of Claim by Personal Representative Prohibited 355.1551
Claim Holder Duty to Possess or Sell Within Reasonable Time
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Accessed:
Jun. 5, 2024

§ 355.153’s source at texas​.gov