Texas Property Code

§ 64.061 — ATTACHMENT, PERFECTION, AND PRIORITY OF ASSIGNEE'S SECURITY INTEREST IN PROCEEDS

PR § 64.061Title 5. EXEMPT PROPERTY AND LIENS · Part B. LIENS · Ch. 64. ASSIGNMENT OF RENTS TO LIENHOLDER · Art. B. ASSIGNMENT OF RENTS

Statute text

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(a)An assignee's security interest in rents attaches to identifiable proceeds.

(b)If an assignee's security interest in rents is perfected, the assignee's security interest in identifiable cash proceeds is perfected.

(c)Except as provided by Subsection (b), the provisions of Chapter 9, Business & Commerce Code, or the comparable Uniform Commercial Code provisions of another applicable jurisdiction, determine:

(1)whether an assignee's security interest in proceeds is perfected;

(2)the effect of perfection or nonperfection;

(3)the priority of an interest in proceeds; and

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Legislative history

Added by Acts 2011, 82nd Leg., R.S., Ch. 636 (S.B. 889), Sec. 2, eff. June 17, 2011.