Texas Finance Code

§ 342.009 — RETURN OF PROPERTY IN SALE-LEASEBACK TRANSACTION

FI § 342.009Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 342. CONSUMER LOANS · Art. A. GENERAL PROVISIONS; APPLICABILITY OF CHAPTER

Statute text

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The seller in a sale-leaseback agreement may terminate the agreement at any time by returning the property to the buyer in substantially the same condition as when the agreement was entered, less reasonable wear. On return of the property the seller is liable only for rental and other allowed charges under the agreement accruing before the date of the return.

Legislative history

Added by Acts 2001, 77th Leg., ch. 1235, Sec. 13, eff. Sept. 1, 2001.