DOCSLIB.ORG

Act of Collateral Mortgage, Pledge

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Act of Collateral Mortgage, Pledge ACT OF COLLATERAL MORTGAGE, PLEDGE UNITED STATES OF AMERICA AND ASSIGNMENT OF PRODUCTION - THE STATE O? LOUISIANA BY: TAYLOR ENERGY COMPANY PARISH OF OHLEANS TO: ANY FUTURE HOLDER OR HOLDERS BE IT KNOWN, that on this 29th day of January, 1986, before rae, the undersigned Notary Public, duly commissioned, qualified and sworn within and for the State and Parish aforesaid, and therein residing, and in the presence of the undersigned competent witnesses, personally came and apr"' *ed*. TAYLOR ENERGY COMPANY„ a Louisiana corporation, wh addrsss is The 2-3-4 Loyola Building, New Or lea., r, Louisiana 70012 ("Mortgagor") , appearing herein *.nrc . J Patrick P. Taylor, its President, duly authorized pursuant to corporate resolution certified on January 29th, 1986, a certified copy of which is attache i hereto as Schedule I; who declared unto me, Notary, that, desiring to secure func« :"iocn any person, firm or corporation willing to loan same, Mortgagor does by these presents declare and acknowledge a debt in the :-.um Of SEVENTY-FIVE MILLION AND NO/100 DOLLARS <$75 , C00 , 000.00) , anc to evidence such indebtedness, has. executed, under date of these presents, its one (1) certain promissory note ("Said Note"), which is described as follows, to-witt One Collateral Mortgage Note of even dato herewith in the original principal amount of SEVEKTY-FIVE MILLION AND NO/100 DOLLARS ($75,000,000.00), , yable to tho order of BEARER on Demand with interest and attorneys fees as provided therein. All payments on Said Note (an unexecuted copy of which is attached hereto as Schedule II) snd all additional amounts secured herein shall be payable at the banking quarters of First National Bank of Commerce, 210 Baronne Street, New Orleans, Louisiana. And Said Note, after having been paraphed "Ne Varietur" by ae. Notary, to identify the same with this Act, was delivered b\a me. Notary, to Mortgagor, who acknowledges the receipt tnjbreof. Mortgagor further declared that Said Note would be negotiated for the purpose of raising funds as heretofore stated, and Mortgagor does by these presents acknowledge to be indebted unto any future holder or holders of Eaid Noto in the full amount thereof, together with interest, attorneys' fees, taxes, costs and all other amounts as are hereinafter defined as Said Indebtedness, if any should accrue. NOW, THEREFOREt 1. In order to secure the full and punctual payment of Said Note as and when due according to the tenor and terms thereof and all sums owing and that miqht become due and owing thereon or thereunder, including, but net limited to. all principal, interest and attorney-' fees provided for therein, as well as any and all renewals, extensions, and rearrangements of Said Note or any part thereof, to­ gether with attorneys * fees, taxes, costs, assessments, expenses and other charges or amounts at any time incurred or to be incurred in connection with Said Note ( "Said Indebtedness", which term shall include Said Note and all amounts, costs, items and indebted^ hereinbefore men­ tioned and herein provided for), and co secure the prompt and faithful observance and performance of all of the obligations, agreements, stipulations and covenants herein contained. Mortgagor declares that it has and does by these presents specially mortgage, hypothecate, affect and pledge unto and in favor of any future holder or holders of Said Note (hereinafter the term "Mortgagee" shall refer to any and all holder or holders cf Seid No.e), whether Said Note be held as an original obligation or in pledge, all and singular the following described property, to-wit: A. Those certain undivided interests stated in the Exhibit "A" attached hereto and for all purposes made a patt hereof in and to those certain oil, gas and mineral leases described and identified in said Exhibit "A" attached hereto. B. Like undivided interests in and to any and all extension, renewal, correction or other leases, conveyances or other instruments acquired by or inuring to the benefit of Mortgagor before the final payment and dis­ charge of all indebtedness secured hereby, covering or relating to the leases referred to in the foregoing Paragraph A, any part thereof, or any interest therein, or any property cove.jd thereby. C. Like undivided interests in and to all buildings, constructions, and improvements now or hereafter placed upon said lands, and all fixtures, movable property attached to immovable property and other movable property now and hereafter before the final payment and discharge of all indebtedness secured hereby located on or used or obtained in connection with any of the property referred to in the foregoing Paragraph? A and B, including, but not limited to, all wells, platforms, well equipment, gauges, power and other plants, derricks, rigs, machinery, supplies, separators, pumping units, tanks, pipe, pipe lines, field gathering lines and systems, tubing, casing, rods, fittings, meters, tools, valves, gasoline extraction plants, processing, compression, dehydration, extraction plants and other fixtures, facilities, equipment, appurtenances, accessories, buildings, and improvements of every kind and character, and replacements thereof, now or hereafter placed or erected on such leases and lands, or any of them, or used or useful thereon or in connection therewith; all of which are expressly immobilized by Mortgagor for the purpose of this mortgage to the extent permitted by law; provided that this mortgage shall attach tc all such coiporeal -2- movable property in accordance with the provisions of La. R.S. 31:203. D. Like undivided interests in and to all oil, gas and other minerals in, on and under and in storage on and that may be produced, saved or sold from or attributable to the property referred to in the foregoing Paragraphs A and B and the proceeds from the sale thereof. This paragraph shall be construed as a pledge of Mortgagor's interest in such oil, gas and other minerals pursuant to La.R.S. 31:204. E. Like undivided interests in and under any and all rights-of-way, easements, licenses, permits, franchises, units, pooling agree­ ments, sal contracts, processing agreements and other agreements now and hereafter before the final payment and discharge of all in­ debtedness securer iereby relating to any of the property referred to in the foregoing Paragraphs A, B, C and D, including without limitation all such rights-of-way and othor agreements described in Exhibit A. The leases and property described or referred to in the foregoing Paragraphs A, B, C, D and E are herein­ after sometimes referred to as the "Described Property". It is the intention of Mortgagor to include in the De­ scribed Property all of the property hereinabove described or referred to, whether immovable, movable or mixed, and insofar as possible to render by this Act all of such property immovable according tc law. 1. Mortgagor covenants that it will from time to time do, execute, acknowledge, deliver, record and file at Mortgagor's expense all such further and additional acts, deeds, instruments and assurances, and will take all such further action, as may be deemed proper by Mortgagee, for securing, assuring and confirming to Mortgagee and in favor of any and all future holder or holders of Said Note, the interests and Described Property included or intended to be included by the above descriptions, and the lien, security, mortgage and pledge hereby created and intended to be created. 2. The mineral leasehold interests described in the said Exhibit "A" annexed hereto are expressly subject to all of the terms, conditions end covenants contained in each of the oil, gas and mineral leases, and to the payment of all royalties provided in each of said leases and to any other natters stated in the said Exhibit "A" attached hereto. 3. Mortgagor specifically covenants and warrants subject to the matters mentioned herein or in the Exhibit "A" attached hereto that Mortgagor is the sole owner of full leqal and equitable title to said Described Property, free and clear of all liens, privileges and encumbrances; that the Described Property stands reg*-tered in the name of Mortgagor; that there are no taxes uue and exigible on the Described Property; that Mortgagor has not heretofore alienated the whole or any part of the Described Property; that all conditions and obligations heretofore required with respect to the Described Property hav been performed and observed and specifically, but not by way of limita­ tion, that all leases which comprise all or any part of the Described Property &re valid and subsisting, all rentals -3- necessary to maintain the same in vull force have been paid, all royalty and other payments required hereunder have been made and all obligations thereunder or pursuant thereto or ur.der or pursuant to all assignments thereof and agreements with respect thereto in Mortgagor's chain rf title have been duly performed; that Mortgagor has the unlimited and unrestricted right and authority to mortgage, hypothecate, affect, assign and pledge said Described Property to or for the benefit of Mortgagee; and Mortgagor hereby warrants and agrees to defend, and binds Mortgagor's representatives and successors, to warrant and defend the Described Property unto Mortgagee against the claims of all persons whomsoever claiming or to claim the same or any part thereof. 4. Mortgagor binds and obligates itself to war­ rant and forever defend its right to so assign, mortgage, pledge, affect and hypothecate the Described Property. Should it be discovered, after the execution and delivery of this instrument, that there exists upon the Described Property any lien or encumbrance egual or superior in rank to the lien created by this instrument, or intended to be created by this instrument, or should any such lien or encumbrance be hereafter incurred or claimed.
Load more

Recommended publications
  • Formal Requirements of Pledge Under Louisiana Civil Code Article 3158 and Related Articles Valerie Seal Meiners
    Louisiana Law Review Volume 48 | Number 1 September 1987 Formal Requirements of Pledge Under Louisiana Civil Code Article 3158 and Related Articles Valerie Seal Meiners Repository Citation Valerie Seal Meiners, Formal Requirements of Pledge Under Louisiana Civil Code Article 3158 and Related Articles, 48 La. L. Rev. (1987) Available at: https://digitalcommons.law.lsu.edu/lalrev/vol48/iss1/8 This Comment is brought to you for free and open access by the Law Reviews and Journals at LSU Law Digital Commons. It has been accepted for inclusion in Louisiana Law Review by an authorized editor of LSU Law Digital Commons. For more information, please contact [email protected]. COMMENTS FORMAL REQUIREMENTS OF PLEDGE UNDER LOUISIANA CIVIL CODE ARTICLE 3158 AND RELATED ARTICLES' According to the scholar Denis, "[t]he pledge springs from natural law and is of the farthest antiquity;" it secured debts "in the primitive relations of men." ' 2 Although the specific beginnings are unknown, fre- quent mention of the pledge in ancient texts evidences its early application3 and points to at least one conclusion: that in its earliest stages of development, formalities of pledge were much simpler, albeit more dra- matic, than those of today. Herodotus, in his Histories, explains that a debtor in ancient Egypt would deliver the mummy of his father to his creditor, who was quite willing to make a loan on this basis. 4 Since the mummy was of great religious value to the debtor, he would certainly pay the debt in order to redeem the pledge. In ancient Athens and Rome, the mechanics of pledge were similarly simple: the debtor and creditor contracted that, upon default of the loan, the debtor would become the slave of the creditor until the debt was repaid.
    [Show full text]
  • Security Interests Under Pledge Agreements
    THE YALE LAW JOURNAL EDITORIAL BOARD ALLEN H. MfERRILL Editor-in-Chief Romwr H. HARRY JAciz M. Giusn4,- RUSSELL G. OLSEN MARSHALL HoatrLoWEfl Comment Editors Note Editors FRANRLN M. SCHULTZ RicrrarD A. SOLO.I0No Article and Book Review Editor Case Editor LEwIs C. BOSE TYLER HULL Txxomis C. MAsoz. ERIc H. HAGER EDWIN P. KAUF73A Do:NALD L SmwmLns HENRY KoHN, JR. Editors in Military Service: Louis F. OBERuoR0ER. Editor-in-Chlef DONALD F. KEEFE. Comwent Editor Subscription price $4.50 per year 80 cents pcr ntzmbcr Canadian subscription price $5.00 per ycar: Foreign. $5.25 per year Yale Law JournalCompany, Inc., Box 401A, Yahk Station, Ncw, Itavcn, Con12. SECURITY INTERESTS UNDER PLEDGE AGREEMENTS THE extent to which security law in responding to the ned of business practice nmust reconcile conflicting commercial foirces is illustrated Iby the doctrinal history of the pledge. Both parties to a credit transaction frequently desire, for reasons of expense or business expediency, that the security reb be retained by the borrower. On the other hand, third persons may demand notice of the lender's security interest in order to guide their course uf dealing with the debtor.' The search for a mean proves particularly difficult when the parties avail themselves of the pledge device. Once borrower and lender select its simple formula in order to avoid the requirements sur- rounding such alternative devices as the chattel mortgage and conditional sale, the courts respond to the demand of third persons for notice by com- pelling the lender to take possession of the property as a condition precedent 1.
    [Show full text]
  • Mortgage-Backed Securities & Collateralized Mortgage Obligations
    Mortgage-backed Securities & Collateralized Mortgage Obligations: Prudent CRA INVESTMENT Opportunities by Andrew Kelman,Director, National Business Development M Securities Sales and Trading Group, Freddie Mac Mortgage-backed securities (MBS) have Here is how MBSs work. Lenders because of their stronger guarantees, become a popular vehicle for finan- originate mortgages and provide better liquidity and more favorable cial institutions looking for investment groups of similar mortgage loans to capital treatment. Accordingly, this opportunities in their communities. organizations like Freddie Mac and article will focus on agency MBSs. CRA officers and bank investment of- Fannie Mae, which then securitize The agency MBS issuer or servicer ficers appreciate the return and safety them. Originators use the cash they collects monthly payments from that MBSs provide and they are widely receive to provide additional mort- homeowners and “passes through” the available compared to other qualified gages in their communities. The re- principal and interest to investors. investments. sulting MBSs carry a guarantee of Thus, these pools are known as mort- Mortgage securities play a crucial timely payment of principal and inter- gage pass-throughs or participation role in housing finance in the U.S., est to the investor and are further certificates (PCs). Most MBSs are making financing available to home backed by the mortgaged properties backed by 30-year fixed-rate mort- buyers at lower costs and ensuring that themselves. Ginnie Mae securities are gages, but they can also be backed by funds are available throughout the backed by the full faith and credit of shorter-term fixed-rate mortgages or country. The MBS market is enormous the U.S.
    [Show full text]
  • Contract of Bailment and Pledge By- Dr Sunita Srivastava, Department of Commerce, University of Lucknow Contract of Bailment and Pledge
    Business law- B.Com II semester Topic- Contract of bailment and pledge By- Dr Sunita Srivastava, Department of commerce, University of Lucknow Contract of Bailment And Pledge Meaning of bailment- The word ‘Bailment’ is derived from French word ‘baillier’ which means to deliver. According to sec 14, a “Bailment’ is the delivery of goods by one person to another for some purpose, with a condition to return the goods when the purpose is over or otherwise disposed off according to the direction of the person delivering them. Parties in bailment contract Bailor- The person delivering the goods is called the bailor. Bailee- The person to whom the goods are delivered is called the bailee. Example: - 1. Mr. X who is going out of station delivers a dog to Mr. Y for proper care. 2. Mr. A hires a horse for riding. 3. Mr. A deliver watch for repair. 4. Mr. A gives a cloth to his tailor for stitching. Essential Elements of a valid bailment Agreement between bailor and bailee Delivery of goods Ownership not change Only movable goods Delivery for some purpose Change in forms Return of goods There must be an agreement between the bailor and bailee. This agreement may be express or implied. However, a bailment may be implied by law as it happens in the case of finder of lost goods. In bailment, it is necessary that the goods should be delivered to the bailee. It is the essence of the contract of bailment. It is further necessary that the possession of the goods should be voluntarily transferred and is in the accordance with the contract.
    [Show full text]
  • Secondary Mortgage Market
    8-6 Legal Considerations - Real Estate Contracts - Financing Basic Appraisal Principles Other Sources of Funds Pension Funds and Insurance Companies Pension funds and insurance companies have recently had such growth that they have been looking for new outlets for their investments. They manage huge sums of money, and traditionally have invested in ultra-conservative instruments, such as government bonds. However, the booming economy of the 1990s, and corresponding budget surpluses for the federal government, left a shortage of treasury securities for these companies to buy. They had to find other secure investments, such as mortgages, to invest their assets. The higher yields available with Mortgage Backed Securities were also a plus. The typical mortgage- backed security will carry an interest rate of 1.00% or more above a government security. Pension funds and insurance companies will also provide direct funding for larger commercial and development loans, but will rarely loan for individual home mortgages. Pension funds are regulated by the Employee Retirement Income Security Act (1974). Secondary Mortgage Market The secondary mortgage market buys and sells mortgages created in the primary mortgage market (the link to Wall Street). A valid mortgage is always assignable by the mortgagee, allowing assignment or sale of the rights in the mortgage to another. The mortgage company can sell the loan, the servicing, or both. If just the loan is sold without the servicing, the original lender will continue to collect payments, and the borrower will never know the loan was sold. If the lender sells the servicing, the company collecting the payments will change, but the terms of the loan will stay the same.
    [Show full text]
  • The Rights of a Pledgor on Transfers of a Pledge James Lewis Parks
    University of Minnesota Law School Scholarship Repository Minnesota Law Review 1922 The Rights of a Pledgor on Transfers of a Pledge James Lewis Parks Follow this and additional works at: https://scholarship.law.umn.edu/mlr Part of the Law Commons Recommended Citation Parks, James Lewis, "The Rights of a Pledgor on Transfers of a Pledge" (1922). Minnesota Law Review. 1549. https://scholarship.law.umn.edu/mlr/1549 This Article is brought to you for free and open access by the University of Minnesota Law School. It has been accepted for inclusion in Minnesota Law Review collection by an authorized administrator of the Scholarship Repository. For more information, please contact [email protected]. MINNESOTA LAW REVIEW Vol. 6 FEBRUARY, 1922 No. 3 THE RIGHTS OF A PLEDGOR ON TRANSFERS OF A PLEDGE By JAMES LE:wIS PARKS* N certain communities, personal property of one kind or another is frequently deposited by way of pledge or pawn to secure the performance of an obligation. The question as to the rights of the pledgor and pledgee in the property, both before and after the maturity' of the debt is of importance, and the results flowing from an improper and illegal transfer of the pledge by the pledgee are often complicated. It is, accordingly, proposed in the following pages to consider transactions involving transfers of the property by the pledgee, and to endeavor to formulate the rules which regulate the rights and obligations of the parties in this respect. According to Story's definition, which has been universally accepted, a pledge or pawn
    [Show full text]
  • {670031-4} 1 Collateral Assignment of Leases And
    COLLATERAL ASSIGNMENT OF LEASES AND RENTS THIS COLLATERAL ASSIGNMENT OF LEASES AND RENTS (this “Assignment”) is entered into as of _________, 2021, by and between Yingling Aircraft, Inc., a Kansas corporation (“Assignor”); and INTRUST Bank, N.A., a national banking association (“Lender”). Recitals A. Wichita Airport Authority, Wichita, Kansas (“Lessor”) and LeaseCorp Financial, Inc., a Kansas corporation, entered into that certain Master Lease Agreement dated June 12, 2012, which was assigned by LeaseCorp Financial, Inc. to LeaseCorp Aviation, LLC, which was then assigned by LeaseCorp Aviation, LLC to Yingling Aircraft, Inc., as may be amended, all of which are incorporated herein by reference (together, “Master Lease 1”), covering certain aircraft hangar operation facilities located at the Dwight D. Eisenhower National Airport, Wichita, Kansas, further described as Tract 1 on Exhibit “A” attached hereto and incorporated by reference, and any and all improvements now or hereafter located thereon (such land and improvements being herein referred to collectively as “Tract 1”). B. Wichita Airport Authority, Wichita, Kansas (“Lessor”) and LeaseCorp Aviation, LLC, a Kansas limited liability company, entered into that certain Master Lease Agreement dated October 14, 2014 and Supplemental Agreement No. 1 dated March 1, 2016, as may be amended, all of which are incorporated herein by reference (together, “Master Lease 2”), covering certain aircraft hangar operation facilities located at the Dwight D. Eisenhower National Airport, Wichita, Kansas, further described as Tract 2 on Exhibit “A” attached hereto and incorporated by reference, and any and all improvements now or hereafter located thereon (such land and improvements being herein referred to collectively as “Tract 2”).
    [Show full text]
  • Law on Contractual Pledge
    F.Y.R. Macedonia Law on Contractual Pledge (adopted on 31 January 2003) Important Disclaimer This does not constitute an official translation and the translator cannot be held responsible for any inaccuracy or omission in the translation. The text should be used for information purposes only and appropriate legal advice should be sought as and when appropriate. Chapter I - General Provisions Article 1 This Law regulates the manner, conditions and procedure for creation, existence, realization and termination of the contractual pledge right over moveable property, securities, claims and other rights (pledge on movables) and immovables (mortgage) (in the further text: pledge, right on pledge). Article 2 The pledge serves as a security for monetary and other types of claims, whose value is measurable in monetary terms, that the creditor has with respect to his/hers debtor from certain obligatory relation. For the claims secured by pledge, in case they are not collected within their maturity, the pledgee, can obtain satisfaction from the value of the subject of the pledge, or under conditions and manner prescribed by this Law obtain right on ownership of the subject of the pledge (lex commissaria). The claims described in paragraph 1 are considered as sufficiently identified in case their carrier, debtor, legal basis and the amount, i.e., the type of the claims, are known. Article 3 The pledge on movables can be established by transfer of the subject into possession (possessory pledge) or without its transfer into possession (non-possessory pledge), while the mortgage can only be established as non-possessory. Article 4 Subject of pledge on movables can be any moveable property, security, certain ownership claim or other right, while subject of mortgage can only be certain immovable property or subject expressed as a immoveable property, with this or other law.
    [Show full text]
  • A Potential Pitfall for the Unsuspecting Purchaser of Repossessed Collateral
    A Potential Pitfall for the Unsuspecting Purchaser of Repossessed Collateral: The Overlooked Interaction Between Sections 9- 504(4) and 2-312(2) of the Uniform Commercial Code ROBYN L. MEADOWS* TABLE OF CONTENTS Introduction . .................................... 168 I. The Problem . ............................... 169 II. Rights of Purchaser of Repossessed Collateral in the Absence of Default ........................ 172 A. Purchaser's Rights Under Article Nine .......... 173 B. Other Law Governing the Purchaser's Rights ..... 181 III. Debtor's Remedies Against Purchaser ............. 190 IV. Purchaser's Rights Against Selling Secured Party ..... 195 A. The Warranty of Title Under Article 2 .......... 195 B. The Right of Restitution .................... 201 V. The Inadequacy of the Purchaser's Common Law Remedy . ................................... 204 VI. Proposed Amendment to Section 9-504(4) .......... 209 A. Method for Allocating Risks Between Debtor and Purchaser ............................... 210 B. Statutory Solution ......................... 216 * Associate Professor of Law, Widener University School of Law, Harrisburg, Pennsylvania. J.D., University of Louisville; LL.M., Temple University. The author wishes to thank John Wiadis, Carolyn Dessin, andJuliet Moringiello for their insights and comments on earlier drafts of this Article and Ronald Phillips and James Annas for their valuable research assistance. THE AMERICAN UNIVERSITY LAW REVIEW [Vol. 44:167 INTRODUCTION Under the provisions of the Uniform Commercial Code (the Code),
    [Show full text]
  • The Practical Lender
    VEDDERPRICE ® Finance and Transactions Group October 2008 The Practical Lender Cross-Border Lending Introduction IRC § 956-The “Deemed subsidiary’s current and accumulated earnings and Globalization of business has Dividend Rule” profi ts are less than the amount accelerated. In order to remain Under Internal Revenue Code of the U.S. obligation, then all competitive, lenders must be (“IRC”) § 956, the obligation of a of the foreign subsidiary’s prepared to structure U.S. corporate parent to a future earnings and profi ts will transactions with cross-border lender will trigger a “deemed be subject to the deemed lending features—loans to dividend” of the controlled distribution up to the amount of foreign borrowers or loans foreign subsidiary’s current and the U.S. loan obligation (after against the value of foreign accumulated earnings and subtracting prior deemed borrowers’ assets. Cross- profi ts up to the amount of the distributions). border lending requires lenders U.S. loan obligation if any one Borrowers and lenders often to address issues related to of the following three events assume that a U.S. parent taxes, security and available occurs: (a) 66⅔ percent or cannot pledge the stock of a remedies. This article briefl y more of the foreign subsidiary’s foreign subsidiary and that a discusses these issues and outstanding voting stock is foreign subsidiary cannot focuses on the laws of Canada pledged to the U.S. parent’s guarantee or pledge its assets and Mexico relative to security lender (accompanied by certain in support of the loan to the and insolvency. Practical tips restrictions on the disposition of U.S.
    [Show full text]
  • Security Devices - Pledge - Requirement of Dispossession Stanford O
    Louisiana Law Review Volume 26 | Number 1 December 1965 Security Devices - Pledge - Requirement of Dispossession Stanford O. Bardwell Jr. Repository Citation Stanford O. Bardwell Jr., Security Devices - Pledge - Requirement of Dispossession, 26 La. L. Rev. (1965) Available at: https://digitalcommons.law.lsu.edu/lalrev/vol26/iss1/19 This Note is brought to you for free and open access by the Law Reviews and Journals at LSU Law Digital Commons. It has been accepted for inclusion in Louisiana Law Review by an authorized editor of LSU Law Digital Commons. For more information, please contact [email protected]. LOUISIANA LAW REVIEW [Vol. XXVI cause of this, personal privileges and freedoms are receiving more protection from state abuse than they once did. The minority position, as expressed in separate concurring opinions by Justices Harlan and Stewart, was that the state conviction should be reversed because absence of an opportunity to confront and cross-examine the witness, through counsel, was a denial of due process of law guaranteed by the fourteenth amendment, but that the fourteenth amendment should be controlling in- dependently of the sixth. Justice Harlan argued that the Court had not incorporated the first eight amendments in toto was evidence that not all of the provisions of the Bill of Rights are fundamental, 3 2 yet the Court ignored the possibility that all parts of any one provision may not necessarily be fundamental. The traditional and indispensable diversity of the federal system, subject of course to due process of law, was also alluded to by Justice Harlan as a reason not to bind the states rigidly in the area of criminal law enforcement.
    [Show full text]
  • Home Equity Loans - FREQUENTLY ASKED QUESTIONS
    Home Equity Loans - FREQUENTLY ASKED QUESTIONS WHAT IS A HOME EQUITY LOAN? Home equity loans fall under the provisions of Section 50(a)(6), Article XVI, of the Texas Constitution. A home equity loan can be for any legal purpose which uses the equity (the difference between the home’s value and any outstanding debts against the home) in a member’s home for collateral. For home equity lending, Texas law restricts the total amount of all loans secured by the homestead to a maximum of 80% of the home’s value. Texas home equity loans can be a closed end loan with substantially equal payments over a fixed period of time, or an open end Home Equity Line of Credit (HELOC). WHAT PROPERTIES CAN BE CONSIDERED? The property used for collateral must be a single-family, owner-occupied homestead property, located within the Austin Metropolitan Statistical Area (Travis, Williamson, Hays, Bastrop and Caldwell counties). Qualifying properties are defined as either urban or rural. Urban properties consist of not more than 10 acres of land with any improvements contained thereon, within the limits of a municipality or it’s extraterritorial jurisdiction, or a platted subdivision; AND served by police protection, paid or volunteer fire protection, and at least three of the following services provided by a municipality or under contract to a municipality: electric, natural gas, sewer, storm sewer, or water. Rural property shall consist of not more than 200 acres for a family (100 acres for a single, adult person not otherwise entitled to a homestead), with the improvements thereon.
    [Show full text]