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By:  Brimer                                                       S.B. No. 1527


A BILL TO BE ENTITLED

AN ACT

relating to a purchaser's right to cure default under an executory 
contract for conveyance.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Section 5.064, Property Code, is amended to read 
as follows:     
	Sec. 5.064.  SELLER'S REMEDIES ON DEFAULT.  A seller may 
enforce the remedy of rescission or of forfeiture and acceleration 
against a purchaser in default under an executory contract for 
conveyance of real property only if:
		(1)  the seller notifies the purchaser of:                                    
			(A)  the seller's intent to enforce a remedy under 
this section;  and      
			(B)  the purchaser's right to cure the default 
within the 30-day [60-day] period described by Section 5.065;
		(2)  the purchaser fails to cure the default within the 
30-day [60-day] period described by Section 5.065; and
		(3)  Section 5.066 does not apply.                                            
	SECTION 2.  Section 5.065, Property Code, is amended to read 
as follows:     
	Sec. 5.065.  RIGHT TO CURE DEFAULT.  Notwithstanding an 
agreement to the contrary, a purchaser in default under an 
executory contract for the conveyance of real property may avoid 
the enforcement of a remedy described by Section 5.064 by complying 
with the terms of the contract on or before the 30th [60th] day 
after the date notice is given under that section.
	SECTION 3.  (a)  This Act takes effect September 1, 2003.                      
	(b)  The change in law made by this Act applies only to an 
executory contract for conveyance signed on or after September 1, 
2003.  An executory contract for conveyance signed before September 
1, 2003, is covered by the law in effect when the contract was 
signed, and the former law is continued in effect for that purpose.