Section 64.058 - Application of Proceeds Generally Unless otherwise agreed, an assignee who collects rents under this chapter or collects on a judgment in an action under Section 64.060 shall apply the sums collected in the following order to:
(1) reimbursement of the assignee's expenses of enforcing the assignee's assignment of rents, including, to the extent provided for by agreement by the assignor and not prohibited by a law of this state other than this chapter, reasonable attorney's fees and costs incurred by the assignee;(2) reimbursement of any expenses incurred by the assignee to protect or maintain the real property that is subject to the assignment of rents;(3) payment of the secured obligation;(4) payment of any obligation secured by a subordinate security interest or other lien on the rents if, before distribution of the proceeds, the assignee receives a signed notice from the holder of the interest or lien demanding payment of the proceeds; and(5) payment of any excess proceeds to the assignor.Amended by Acts 2013, 83rd Leg. - Regular Session, ch. 453,Sec. 8, eff. 6/14/2013.Added by Acts 2011, 82nd Leg., R.S., Ch. 636, Sec. 2, eff. 6/17/2011.