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Senate Bill 1592 |
Senate Author: Fraser |
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Effective: 6-19-09 |
House Sponsor: Deshotel |
Senate Bill 1592 amends the Business & Commerce Code to authorize a secured party of a utility security instrument to assign the holder's security interests or liens and provides that an assignee's failure to make the application or notify the debtor of the assignment does not create a cause of action against the assignee or the security-interest holder or affect the validity or perfection of the security interest assigned to the assignee. The bill amends the Parks and Wildlife Code and the Transportation Code to provide the same authorization to a recorded security interest owner and assignees in a vessel or outboard motor and to the recorded security interest owner and assignees in a motor vehicle, respectively.