Current as of April 14, 2021 | Updated by FindLaw Staff
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A contract under which a project is encumbered under this subchapter may provide for:
(1) the selection of a trustee to sell the project on:
(A) a default in the payment of principal or interest; or
(B) a violation of the terms of the encumbrance;
(2) the selection of a successor trustee if the original trustee or a substitute trustee is disqualified or fails to act; and
(3) attorney's fees in an amount not to exceed 10 percent of the unpaid principal.
Cite this article: FindLaw.com - Texas Government Code - GOV'T § 1508.112. Appointment of Trustee; Attorney's Fees - last updated April 14, 2021 | https://codes.findlaw.com/tx/government-code/gov-t-sect-1508-112.html
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