Tex. Prop. Code Section 64.058
Application of Proceeds Generally


Unless otherwise agreed, an assignee who collects rents under this chapter or collects on a judgment in an action under Section 64.060 (Turnover of Rents; Liability of Assignor) shall apply the sums collected in the following order to:

(1)

reimbursement of the assignee’s expenses of enforcing the assignee’s assignment of rents, including, to the extent provided for by agreement by the assignor and not prohibited by a law of this state other than this chapter, reasonable attorney’s fees and costs incurred by the assignee;

(2)

reimbursement of any expenses incurred by the assignee to protect or maintain the real property that is subject to the assignment of rents;

(3)

payment of the secured obligation;

(4)

payment of any obligation secured by a subordinate security interest or other lien on the rents if, before distribution of the proceeds, the assignee receives a signed notice from the holder of the interest or lien demanding payment of the proceeds; and

(5)

payment of any excess proceeds to the assignor.
Added by Acts 2011, 82nd Leg., R.S., Ch. 636 (S.B. 889), Sec. 2, eff. June 17, 2011.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 453 (S.B. 848), Sec. 8, eff. June 14, 2013.

Source: Section 64.058 — Application of Proceeds Generally, https://statutes.­capitol.­texas.­gov/Docs/PR/htm/PR.­64.­htm#64.­058 (accessed Jun. 5, 2024).

Accessed:
Jun. 5, 2024

§ 64.058’s source at texas​.gov