Tex. Ins. Code Section 549.003
Cancellation of Policy After Foreclosure Authorized

In the event of a foreclosure under a deed of trust, the lender may cancel an insurance policy covering the foreclosed property and is entitled to any unearned premiums from the policy if the lender:

(1)

credits the amount of the unearned premiums against any deficiency owed by the borrower; and

(2)

delivers to the borrower any excess unearned premiums not credited against a deficiency under Subdivision (1).
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.

Source: Section 549.003 — Cancellation of Policy After Foreclosure Authorized, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­549.­htm#549.­003 (accessed Apr. 29, 2024).

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Accessed:
Apr. 29, 2024

§ 549.003’s source at texas​.gov