Sec. 355.1551. CLAIM HOLDER DUTY TO POSSESS OR SELL WITHIN REASONABLE TIME. (a) A holder of a claim allowed and approved under Section 355.151(a)(2) who elects to take possession or sell the property securing the debt before final maturity in satisfaction of the holder's claim must do so within a reasonable time, as determined by the court.
(b) If the claim holder fails to take possession or sell secured property within the time determined by the court under Subsection (a), on application by the personal representative, the court may require the sale of the property free of the lien and apply the proceeds to the payment of the whole debt in full satisfaction of the claim.
(c) This section does not apply to an estate administered as an independent administration under Subtitle I.
Added by Acts 2015, 84th Leg., R.S., Ch. 949 (S.B. 995), Sec. 39, eff. September 1, 2015.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 1141 (H.B. 2782), Sec. 28, eff. September 1, 2019.
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