By Hightower                                          H.B. No. 3581

         75R11653 BEM-D                           

                                A BILL TO BE ENTITLED

 1-1                                   AN ACT

 1-2     relating to the termination of certain receiverships.

 1-3           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

 1-4           SECTION 1.  Subchapter E, Chapter 64, Civil Practice and

 1-5     Remedies Code, is amended by adding Section 64.0721 to read as

 1-6     follows:

 1-7           Sec. 64.0721.  TERMINATION OF RAILROAD RECEIVERSHIP.  (a)  A

 1-8     receiver of a railroad company located wholly within this state

 1-9     that has been in receivership for more than 50 years may apply to

1-10     the court that appointed the receiver requesting the court to:

1-11                 (1)  terminate the receivership; and

1-12                 (2)  disburse any assets of the railroad company

1-13     remaining after the payment of the company's debts to one or more

1-14     nonprofit charitable organizations chosen by the receiver for use

1-15     in providing services within the county in which the receiver was

1-16     appointed.

1-17           (b)  After a receiver makes an application under Subsection

1-18     (a), the receiver shall publish notice of the proposed termination

1-19     of the receivership for seven consecutive days in a newspaper of

1-20     general circulation in the county in which the receivership is

1-21     located.  The notice must state that a person with an interest in

1-22     the assets of the railroad company may file a claim with the court

1-23     that appointed the receiver not later than the 90th day after the

1-24     final day of the publication of the notice.

 2-1           (c)  After the expiration of the period for filing claims

 2-2     provided by Subsection (b) and after the court resolves all claims

 2-3     filed with the court relating to the railroad company, the court

 2-4     shall disburse any remaining assets of the receivership to the

 2-5     nonprofit charitable organizations chosen by the receiver that are

 2-6     acceptable to the court in its discretion.

 2-7           SECTION 2.  The importance of this legislation and the

 2-8     crowded condition of the calendars in both houses create an

 2-9     emergency and an imperative public necessity that the

2-10     constitutional rule requiring bills to be read on three several

2-11     days in each house be suspended, and this rule is hereby suspended,

2-12     and that this Act take effect and be in force from and after its

2-13     passage, and it is so enacted.