 |
Texas Statutes (Last Updated: January 4, 2014) |
 |
TRANSPORTATION CODE |
|
Title 7. VEHICLES AND TRAFFIC |
|
Subtitle A. CERTIFICATES OF TITLE AND REGISTRATION OF VEHICLES |
|
Chapter 501. CERTIFICATE OF TITLE ACT |
|
Subchapter F. SECURITY INTERESTS |
Sec. 501.115. DISCHARGE OF LIEN
Latest version.
-
(a) When a debt or claim secured by a lien has been satisfied, the lienholder shall, within a reasonable time not to exceed the maximum time allowed by Section 348.408 or 353.405(b), Finance Code, as applicable, execute and deliver to the owner, or the owner's designee, a discharge of the lien in a manner prescribed by the department.
(b) The owner may submit the discharge and title to the department for a new title.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995. Amended by Acts 1997, 75th Leg., ch. 296, Sec. 1, eff. Sept. 1, 1997; Acts 1999, 76th Leg., ch. 268, Sec. 1, eff. May 28, 1999. Amended by: Acts 2011, 82nd Leg., R.S., Ch. 117 , Sec. 24, eff. September 1, 2011. Acts 2011, 82nd Leg., R.S., Ch. 1296 , Sec. 54, eff. January 1, 2012.