SRC-JBJ S.B. 1407 77(R) BILL ANALYSIS Senate Research Center S.B. 1407 By: Madla Jurisprudence 3/29/2001 As Filed DIGEST AND PURPOSE Currently, Section 335 of the Texas Probate Code establishes a procedure by which the trustees of an estate can sell livestock which is part of the estate. As proposed, S.B. 1407 removes the provision providing that the usual and customary payments to a commission merchant are not to exceed three percent of the sale price of such livestock. RULEMAKING AUTHORITY This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency. SECTION BY SECTION ANALYSIS SECTION 1. Amends Section 335, Texas Probate Code, to delete existing text limiting a livestock commission merchant to a charge of three percent of the sale price in certain livestock sales. SECTION 2. Effective date: September 1, 2001. Makes application of this Act prospective.