By:  Uher                                             H.B. No. 1149
       73R4635 LJD-F
                                 A BILL TO BE ENTITLED
    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 party at any time may record an
   1-17  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  an interest in land or in a mortgage vested according to the real
   1-22  property records in the failed depository institution, a recorded
   1-23  affidavit or memorandum under this section is constructive notice
   1-24  of the transfer or sale.  The failure of the affidavit or
    2-1  memorandum to be executed by the record owner or to contain
    2-2  language of conveyance does not create a title defect.
    2-3        SECTION 2.  The importance of this legislation and the
    2-4  crowded condition of the calendars in both houses create an
    2-5  emergency and an imperative public necessity that the
    2-6  constitutional rule requiring bills to be read on three several
    2-7  days in each house be suspended, and this rule is hereby suspended,
    2-8  and that this Act take effect and be in force from and after its
    2-9  passage, and it is so enacted.