By Bailey                                             H.B. No. 2439
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to the recording of an instrument relating to real
    1-3  property.
    1-4        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-5        SECTION 1.  Sections 13.001(a) and (b), Property Code, are
    1-6  amended to read as follows:
    1-7        (a)  A conveyance of real property or an interest in real
    1-8  property or a mortgage or deed of trust is void <as to a creditor
    1-9  or to a subsequent purchaser for a valuable consideration without
   1-10  notice> unless the instrument has been acknowledged, sworn to, or
   1-11  proved and filed for record as required by law not later than the
   1-12  60th day after the date the instrument is executed.
   1-13        (b)  Notwithstanding Subsection (a), the <The> unrecorded
   1-14  instrument is binding on a party to the instrument, on the party's
   1-15  heirs, and on a subsequent purchaser who does not pay a valuable
   1-16  consideration or who has notice of the instrument.
   1-17        SECTION 2.  The changes in law made by this Act apply only to
   1-18  an instrument relating to real property that is executed on or
   1-19  after the effective date of this Act.  An instrument executed
   1-20  before that date is governed by the law as it existed on the date
   1-21  of execution, and the prior law is continued in effect for that
   1-22  purpose.
   1-23        SECTION 3.  This Act takes effect September 1, 1993.
    2-1        SECTION 4.  The importance of this legislation and the
    2-2  crowded condition of the calendars in both houses create an
    2-3  emergency and an imperative public necessity that the
    2-4  constitutional rule requiring bills to be read on three several
    2-5  days in each house be suspended, and this rule is hereby suspended.