Tex. Local Government Code § 116.059
This is the official text of Tex. Local Government Code § 116.059, part of Texas’s Local Government Code — governs the powers and operations of Texas cities and counties.
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§ 116.059. VALUATION OF REAL PROPERTY PROVIDED AS SECURITY.
Official statutory text
The commissioners court shall investigate all real property security and determine the value at which the property will be accepted. The commissioners court may not accept real property as security at a value greater than 50 percent of the reasonable market value of the property covered by a mortgage unless the mortgage is insured or guaranteed by the Federal Housing Administration.
Status: in_force · Read it on the official government site
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