By Nixon S.B. No. 546
76R4055 PAM-D
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to exempting a co-owner's interest in real property from
1-3 seizure to satisfy the debts of another co-owner of real property.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Subchapter A, Chapter 41, Property Code, is
1-6 amended by adding Section 41.008 to read as follows:
1-7 Sec. 41.008. CO-OWNER'S INTEREST IN LAND EXEMPT FROM
1-8 SEIZURE. (a) This section applies only to real property for which
1-9 the title to the property is held by more than one person, with
1-10 each person owning an undivided interest in the property.
1-11 (b) A creditor who is entitled to recover by law from a
1-12 person who owns an undivided interest in real property may recover
1-13 from the proceeds of the sale of the property only that portion of
1-14 the proceeds that relates to the undivided interest sold by that
1-15 person.
1-16 SECTION 2. (a) This Act takes effect September 1, 1999.
1-17 (b) The change in law made by this Act applies only to a
1-18 cause of action to recover on a debt that accrues on or after the
1-19 effective date of this Act. A cause of action to recover on a debt
1-20 that accrues before the effective date of this Act is governed by
1-21 the law in effect immediately preceding the effective date of this
1-22 Act, and the former law is continued in effect for that purpose.
1-23 SECTION 3. The importance of this legislation and the
1-24 crowded condition of the calendars in both houses create an
2-1 emergency and an imperative public necessity that the
2-2 constitutional rule requiring bills to be read on three several
2-3 days in each house be suspended, and this rule is hereby suspended.