Tex. Local Gov't Code Section 116.055
First Mortgages on Improved Real Property

(a)

If approved by the commissioners court, closed first mortgages on improved and unencumbered real property located in this state that are assigned to the county judge in a duly acknowledged instrument qualify as security under this subchapter.

(b)

Before approving a mortgage as security, the commissioners court shall require:

(1)

a written opinion by an attorney selected by the commissioners court showing that the lien is superior to any other claim to or right in the real property; and

(2)

insurance approved by the county judge covering the improvements on each tract of pledged real property and providing that a loss is payable to the county judge.

(c)

An insurance policy required under Subsection (b) must be issued by a stock fire insurance company or mutual fire insurance company that has a $100,000 surplus in excess of all legal reserves and other liabilities.

(d)

A mortgage accepted as security under this section shall immediately be recorded in each county in which part of the real property is located.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.

Source: Section 116.055 — First Mortgages on Improved Real Property, https://statutes.­capitol.­texas.­gov/Docs/LG/htm/LG.­116.­htm#116.­055 (accessed Jun. 5, 2024).

116.001
Definitions 116.002
Money Affected 116.021
Depository and Subdepository Contracts 116.022
Notice 116.023
Applications 116.024
Selection of Depositories and Subdepositories 116.025
Designation of Depository or Subdepository 116.026
Applicants Outside County 116.027
Selection of Nonapplicant Depository 116.028
Successor Bank as County Depository 116.051
Qualification as Depository or Subdepository 116.052
Personal Bond 116.053
Surety Bond 116.054
Bonds, Notes, and Other Securities 116.055
First Mortgages on Improved Real Property 116.056
Real Property 116.057
Condition of Personal Bond or Contract for Securities 116.058
Amount of Security Required 116.059
Valuation of Real Property Provided as Security 116.060
Security Not Required for Federally Insured Deposits 116.081
New Bond 116.082
Substitution of Securities 116.083
Release of Excess Security 116.084
Inadequate Security 116.085
Solvency of Personal Surety 116.086
Solvency of Surety Company and Adequacy of Securities 116.087
Additional Bond 116.088
Release of Surety Company 116.089
Surrender of Interest on Securities 116.111
Character and Amount of Deposits 116.112
Investment of Funds 116.113
Deposit of Funds 116.114
Collections by Depository 116.115
Clearinghouse for Multiple Depositories 116.116
Obligations Payable at County Depository 116.117
Statements of Account 116.118
Debts Payable Other than at County Treasury 116.119
Requirements for Auditing and Countersigning Unaffected 116.120
Collection of Certain Overdue County Orders for Payment or Checks 116.151
Liabilities of Sureties on Separate Bonds 116.152
Subrogation of Sureties 116.153
Pro Rata Recovery by State and County 116.154
Liability of Depository Pending Collection of Deposits 116.155
Failure of Depository to Pay Check or Order for Payment 116.0565
Certificate of Deposit
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 116.055’s source at texas​.gov