Rescission or Waiver of Accelerated Maturity Date

Section 16.038 of the Texas Property Code provide that if the maturity date of a note or obligation payable in installments is accelerated, the acceleration is effectively rescinded by a written notice of de-acceleration sent first class or certified mail by the lienholder, the servicer or an attorney for the lienholder to each debtor obligated on the debt.  A notice served under this section does not affect a lienholder’s right to accelerate the maturity date of the debt in the future nor does it waive past defaults.  This section does not create the exclusive method for waiver and rescission of an acceleration.