The Laws of Texas, 1934-1935 [Volume 29] Page: 53 of 2,086
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FORTY-THIRD LEGISLATURE-SECOND CALLED SESSION. 43
right, under its police power, to declare a state of emergency
to exist; and
WHEREAS, the inherent and fundamental purpose of our
Government is to safeguard the people and to promote the general
welfare of the people; and
WHEREAS, under existing conditions sales under deeds of
trust would prevent fair, open and competitive bidding at the
time of such sales in the manner now contemplated by law; and
WHEREAS, it is believed, and the Legislature of Texas
hereby declares its belief, that the conditions existing as hereinabove
set forth have created an emergency of such a nature
that justifies and validates changes in legislation providing for
the temporary manner, method, terms and conditions upon
which forced sales under deeds of trust may be had or postponed,
and jurisdiction to administer equitable relief in connection
therewith may be conferred upon the District Courts
Be it enacted by the Legislature of the State of Texas:
SECTION 1. From the effective date of this Act until February
1, 1935, the Judges of the several District Courts having
civil jurisdiction in this State, in addition to the powers heretofore
exercised, are hereby authorized to grant continuances
and stays of execution in all suits instituted for the purpose of
foreclosing liens upon real property and to grant writs of injunction
restraining the sale of real property under powers
created by Deeds of Trust or other contracts and to restrain
sales under executions and orders of sale issued out of any
Court in this State, when it shall be made to appear by verified
motion or petition or from evidence adduced upon a trial on
the merits or on ex parte or preliminary hearing as follows:
(a) That the defendant or the relator is justly obligated to
pay a substantial portion of the indebtedness but is financially
unable to pay the same or any part thereof.
(b) That a sale of the incumbered property under Deed of
Trust or under process of the Court or a sale of the property
seized under execution would result in an unfair, unjust and
inequitable financial loss to the defendant or relator; and would
not be unfair, unjust and inequitable to the creditor taking into
consideration the financial condition of all parties.
(c) That the value of the property involved is substantially
in excess of the amount of the debt demanded.
(d) That the property will probably sell for substantially
less than its value if a sale under Deed of Trust, order of sale,
or execution is held in due course.
(e) That the defendant or relator will not permit the property
to be abused, ill-treated or mismanaged and that such
property will be managed, controlled and cared for properly
during the pendency of the suit.
(f) That there is a reasonable expectation that the indebt-
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1934-1935 [Volume 29], book, 1935; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth17292/m1/53/: accessed June 26, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .