1-1 By: Uher (Senate Sponsor - Harris of Tarrant) H.B. No. 1149 1-2 (In the Senate - Received from the House April 5, 1993; 1-3 April 5, 1993, read first time and referred to Committee on 1-4 Economic Development; May 20, 1993, reported adversely, with 1-5 favorable Committee Substitute by the following vote: Yeas 8, Nays 1-6 0; May 20, 1993, sent to printer.) 1-7 COMMITTEE VOTE 1-8 Yea Nay PNV Absent 1-9 Parker x 1-10 Lucio x 1-11 Ellis x 1-12 Haley x 1-13 Harris of Dallas x 1-14 Harris of Tarrant x 1-15 Leedom x 1-16 Madla x 1-17 Rosson x 1-18 Shapiro x 1-19 Wentworth x 1-20 COMMITTEE SUBSTITUTE FOR H.B. No. 1149 By: Harris of Tarrant 1-21 A BILL TO BE ENTITLED 1-22 AN ACT 1-23 relating to title to real estate interests and real property 1-24 interests transferred by a receiver or conservator of a failed 1-25 depository institution. 1-26 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-27 SECTION 1. Chapter 12, Property Code, is amended by adding 1-28 Section 12.017 to read as follows: 1-29 Sec. 12.017. TRANSFER BY RECEIVER OR CONSERVATOR OF FAILED 1-30 DEPOSITORY INSTITUTION. If a bank, savings and loan association, 1-31 savings bank, or other depository institution is placed in 1-32 receivership or conservatorship by a state or federal agency, 1-33 instrumentality, or institution, including the Banking Department 1-34 of Texas, Savings and Loan Department of Texas, Office of the 1-35 Comptroller of the Currency, Resolution Trust Corporation, Federal 1-36 Deposit Insurance Corporation, Federal Savings and Loan Insurance 1-37 Corporation, or their successors, a person at any time may record 1-38 an affidavit or memorandum of a sale, transfer, purchase, or 1-39 acquisition agreement between the receiver or conservator of the 1-40 failed depository institution and another depository institution. 1-41 If the sale, transfer, purchase, or acquisition agreement transfers 1-42 or sells an interest in land or in a mortgage or other lien vested 1-43 according to the real property records in the failed depository 1-44 institution, a recorded affidavit or memorandum under this section 1-45 is constructive notice of the transfer or sale. The failure of the 1-46 affidavit or memorandum to be executed by the record owner or of 1-47 the affidavit, memorandum, or agreement to contain language of 1-48 conveyance does not create a defect in title to the land or the 1-49 lien. 1-50 SECTION 2. The importance of this legislation and the 1-51 crowded condition of the calendars in both houses create an 1-52 emergency and an imperative public necessity that the 1-53 constitutional rule requiring bills to be read on three several 1-54 days in each house be suspended, and this rule is hereby suspended, 1-55 and that this Act take effect and be in force from and after its 1-56 passage, and it is so enacted. 1-57 * * * * * 1-58 Austin, 1-59 Texas 1-60 May 20, 1993 1-61 Hon. Bob Bullock 1-62 President of the Senate 1-63 Sir: 1-64 We, your Committee on Economic Development to which was referred 1-65 H.B. No. 1149, have had the same under consideration, and I am 1-66 instructed to report it back to the Senate with the recommendation 1-67 that it do not pass, but that the Committee Substitute adopted in 1-68 lieu thereof do pass and be printed. 2-1 Parker, 2-2 Chairman 2-3 * * * * * 2-4 WITNESSES 2-5 FOR AGAINST ON 2-6 ___________________________________________________________________ 2-7 Name: Gayle Vickers x 2-8 Representing: Texas Bankers Assn. 2-9 City: Austin 2-10 ------------------------------------------------------------------- 2-11 Name: Jim Gosdin x 2-12 Representing: Stewart Title 2-13 City: Houston 2-14 ------------------------------------------------------------------- 2-15 Name: Randy M. Lee x 2-16 Representing: Stewart Title 2-17 City: Austin 2-18 ------------------------------------------------------------------- 2-19 Name: Karen Neeley x 2-20 Representing: Ind. Bankers Assn. of Texas 2-21 City: Austin 2-22 -------------------------------------------------------------------