Case Information
*1 OFFICE OF THE AlTORNEY GENERAL OF TEXAS
AUSTIN iRu.m a. MANN \ i,'"' hnomnn O~"~u.
Elonorable Lee hrw - ~qge 8
IOU are rempestfully advised that it is the opin- ion of this department your question should be answered in the tkfsirmative .
&&division 6, of Artiale 426, Revised Civil gtatu- insofar a8 pertinent, wwidesr t8S,
*In bond6 or notes awmuwLby first BUM%- gage, first deed of trust, or other first lion on imprwed real estate in Texas * + * such bouis or notes to run for Q terns of not longer than ten (lo) years, and to be always acoompan- ied by a complete abstl?aot of title to the pro- perty mwtgaged, cind an attornejta Gertifioste approving the title or a title insuranoe polzlay in some cosnpsny lnoorporated under the laws of Texas guaranteeing the title andguaranteeing that s&d bonds or notes retain a firet lien on the land mortgaged.*
The obvious purpose of the statute in thus safeguard- ing the funds of our savings depsrtroeats, was to see that such loans or ixnestmnts vGre not made fer an unraasonabls t&s, and the Legislature ha6 named ten years for such reasonable t&nut. The ten yeare natma nrarlt the time for which the bunk w put out ite money. The statute ie prospeotire and not retrospective. It is not oonewned 1~2th the past rumxlng of the note, but is ooncrerned only vlth the~futuro time for MI%G~ it will run. The idlttm of our language is such that ths in- fimitive *to ru@ Gonnotes the future and not the past. 80 that, the period said bolvls or not.68 my run dates from the tim.a of the soquisition thereof. by the bauk, azud sot from the date OS the exeaution of the lnstn\arent.
very truly yours ocie spe& Assistant