H.B. No. 1149 1-1 AN ACT 1-2 relating to title to real estate interests and real property 1-3 interests transferred by a receiver or conservator of a failed 1-4 depository institution. 1-5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-6 SECTION 1. Chapter 12, Property Code, is amended by adding 1-7 Section 12.017 to read as follows: 1-8 Sec. 12.017. TRANSFER BY RECEIVER OR CONSERVATOR OF FAILED 1-9 DEPOSITORY INSTITUTION. If a bank, savings and loan association, 1-10 savings bank, or other depository institution is placed in 1-11 receivership or conservatorship by a state or federal agency, 1-12 instrumentality, or institution, including the Banking Department 1-13 of Texas, Savings and Loan Department of Texas, Office of the 1-14 Comptroller of the Currency, Resolution Trust Corporation, Federal 1-15 Deposit Insurance Corporation, Federal Savings and Loan Insurance 1-16 Corporation, or their successors, a person at any time may record 1-17 an affidavit or memorandum of a sale, transfer, purchase, or 1-18 acquisition agreement between the receiver or conservator of the 1-19 failed depository institution and another depository institution. 1-20 If the sale, transfer, purchase, or acquisition agreement transfers 1-21 or sells an interest in land or in a mortgage or other lien vested 1-22 according to the real property records in the failed depository 1-23 institution, a recorded affidavit or memorandum under this section 1-24 is constructive notice of the transfer or sale. The failure of the 2-1 affidavit or memorandum to be executed by the record owner or of 2-2 the affidavit, memorandum, or agreement to contain language of 2-3 conveyance does not create a defect in title to the land or the 2-4 lien. 2-5 SECTION 2. The importance of this legislation and the 2-6 crowded condition of the calendars in both houses create an 2-7 emergency and an imperative public necessity that the 2-8 constitutional rule requiring bills to be read on three several 2-9 days in each house be suspended, and this rule is hereby suspended, 2-10 and that this Act take effect and be in force from and after its 2-11 passage, and it is so enacted.