Texas Natural Resources Code

§ 161.225 — SALE TO A NONVETERAN

NR § 161.225Title 7. RESOURCES PROGRAMS · Ch. 161. VETERANS LAND BOARD · Art. F. PURCHASE, SALE, AND OTHER DISPOSITION OF LAND

Statute text

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If the sale is made to a person other than a qualified Texas veteran, the assignee and all subsequent assignees shall assume an interest rate on the indebtedness to the board determined by the board at an amount not less than one percent a year greater than the rate determined by the board for sale to veterans under Sections 161.175 and 161.231 through 161.234 of this code or Subchapter G of this chapter on the date on which the transfer, sale, or conveyance is approved. If the purchase contract is awarded in a divorce action or incident to a written separation agreement, the interest rate shall not change.

Legislative history

Acts 1977, 65th Leg., p. 2667, ch. 871, art. I, Sec. 1, eff. Sept. 1, 1977.