PROPERTY CODE

TITLE 5. EXEMPT PROPERTY AND LIENS

SUBTITLE B. LIENS

CHAPTER 64.  ASSIGNMENT OF RENTS TO LIENHOLDER

SUBCHAPTER A.  GENERAL PROVISIONS

Sec. 64.001.  DEFINITIONS.  In this chapter:
(1)  "Assignee" means a person entitled to enforce a security instrument.
(2)  "Assignment of rents" means a transfer of an interest in rents in connection with an obligation secured by real property from which the rents arise.  The term does not include a contract for a charge authorized by Section 306.101, Finance Code, or a true sale of rents.
(3)  "Assignor" means a person who makes a security instrument that creates an assignment of rents arising from real property or that person's successor in interest with respect to the real property.
(4)  "Cash proceeds" means proceeds that are money, checks, deposit accounts, or the like.
(5)  "Day" means a calendar day.
(6)  "Deposit account" means a demand, time, savings, passbook, escrow, or similar account maintained with a bank, savings bank, savings and loan association, credit union, trust company, or other person.
(7)  "Document" means information that is inscribed on a tangible medium or that is stored on an electronic or other medium and is retrievable in perceivable form.
(8)  "Proceeds" means personal property that is received, collected, or distributed on account of an obligation to pay rents.
(9)  "Rents" means  consideration payable for the right to possess or occupy, or for possessing or occupying, real property,  consideration payable to an assignor under a policy of rental interruption insurance covering real property,  claims arising out of a default in the payment of consideration payable for the right to possess or occupy real property,  consideration payable to terminate an agreement to possess or occupy real property,  consideration payable to an assignor for payment or reimbursement of expenses incurred in owning, operating, and maintaining, or constructing or installing improvements on, real property, or any other consideration payable under an agreement relating to the real property that constitutes rents under a law of this state other than this chapter.  The term does not include consideration payable under an oil and gas lease, mineral lease, or other conveyance of a mineral estate.
(10)  "Secured obligation" means an obligation secured by an assignment of rents.
(11)  "Security instrument" means:
(A)  a security instrument, as that term is defined by Section 51.0001; or
(B)  an agreement containing an assignment of rents.
(12)  "Security interest" means an interest in property that arises by agreement and secures an obligation.
(13)  "Sign" includes to sign by an electronic signature, as defined by Section 15.002.
(14)  "Tenant" means a person who has an obligation to pay for the right to possess or occupy, or for possessing or occupying, real property.
Added by Acts 2011, 82nd Leg., R.S., Ch. 636 (S.B. 889), Sec. 2, eff. June 17, 2011.
Amended by: 
Acts 2013, 83rd Leg., R.S., Ch. 453 (S.B. 848), Sec. 1, eff. June 14, 2013.