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Texas Estates Code - EST § 1158.405. Failure of Bidder to Comply

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) If a person who successfully bids on real estate of the guardianship estate offered at public auction fails to comply with the terms of the bid, the property shall be readvertised and auctioned without any further order.

(b) The person defaulting on a bid as described by Subsection (a) is liable for payment to the guardian of the estate, for the estate's benefit, of:

(1) 10 percent of the amount of the bid; and

(2) the amount of any deficiency in price on the second auction.

(c) The guardian shall recover the amounts under Subsection (b) by suit in any court in the county in which the auction was held that has jurisdiction over the amount claimed.

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Cite this article: FindLaw.com - Texas Estates Code - EST § 1158.405. Failure of Bidder to Comply - last updated January 01, 2024 | https://codes.findlaw.com/tx/estates-code/est-sect-1158-405/

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