On June 17, 2011, Texas SB 889 became effective to create first-of-its-kind Texas legislation regarding assignments of rents in connection with financing real property. In essence, the bill legislatively validates a significant lender remedy under defaulted real property loans by allowing lenders to collect rents without first foreclosing on the property. Some of my T&K colleagues have put together a memo that briefly summarizes the impact of SB 889. You can read the memo by clicking this link. For more information, feel free to call me or any of the following: Andrew Ingrum (T&K Dallas), Alfie Meyerson (T&K Houston), or Susan Coleman (T&K Fort Worth). Click on any of the foregoing names for contact information.
Laura McClellan
www.tklaw.com
