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S.B. No. 1527
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.
______________________________ ______________________________
President of the Senate Speaker of the House
I hereby certify that S.B. No. 1527 passed the Senate on
May 6, 2003, by the following vote: Yeas 31, Nays 0.
______________________________
Secretary of the Senate
I hereby certify that S.B. No. 1527 passed the House on
May 23, 2003, by a non-record vote.
______________________________
Chief Clerk of the House
Approved:
______________________________
Date
______________________________
Governor