Sec. 5.075. PURCHASER'S RIGHT TO PLEDGE INTEREST IN PROPERTY ON CONTRACTS ENTERED INTO BEFORE SEPTEMBER 1, 2001.
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Sec. 5.075. PURCHASER'S RIGHT TO PLEDGE INTEREST IN PROPERTY ON CONTRACTS ENTERED INTO BEFORE SEPTEMBER 1, 2001.
(a)On an executory contract entered into before September 1, 2001 , a purchaser may pledge the interest in the property, which accrues pursuant to Section 5.066 , only to obtain a loan for improving the safety of the property or any improvements on the property.
(b)Loans that improve the safety of the property and improvements on the property include loans for:
(1)improving or connecting a residence to water service;
(2)improving or connecting a residence to a wastewater system;
(3)building or improving a septic system;
(4)structural improvements in the residence; and
(5)improved fire protection.
Added by Acts 1995, 74th Leg., ch. 994, Sec. 3, eff. Sept. 1, 1995. Renumbered from Property Code Sec. 5.098 and amended by Acts 2001, 77th Leg., ch. 693, Sec. 1, eff. Sept. 1, 2001.