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
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