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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) Unpaid and delinquent principal on sales of public school land shall bear interest at a rate set by the board, which principal and interest shall be payable at the times and on such terms as are established by the board.
(b) No patent may be issued for any public school land until all principal, accrued interest, late charges, and other fees and expenses are paid in full.
(c) Any unpaid principal and interest is considered delinquent on the 30th day after the date payment of the principal and interest is due for the obligation.
(d) After the payment of principal and interest becomes delinquent under the obligation, notice of delinquency and subsequent potential forfeiture must be provided by certified mail, return receipt requested, to the last known address of the obligee and must be documented in the records of the land office.
Cite this article: FindLaw.com - Texas Natural Resources Code - NAT RES § 51.070. Unpaid Principal on Public School Land Sales - last updated January 01, 2024 | https://codes.findlaw.com/tx/natural-resources-code/nat-res-sect-51-070/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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