Amend SB 995 (house committee printing) as follows:
(1) Add the following appropriately numbered SECTION to the bill and renumber subsequent SECTIONS of the bill accordingly:
SECTION ____. Subchapter D, Chapter 355, Estates Code, is amended by adding Section 355.1551 to read as follows:
Sec. 355.1551. CLAIM HOLDER DUTY TO POSSESS OR SELL WITHIN REASONABLE TIME. (a) A claim holder of a claim allowed and approved under Section 355.151(a)(2) who elects to take possession or sell the property securing the debt before final maturity in satisfaction of the claim holder's claim must do so within a reasonable time, as determined by the court.
(b) If the claim holder fails to take possession or sell secured property within a reasonable time under Subsection (a), on application by the personal representative, the court may require the sale of the property free of the lien and apply the proceeds to the payment of the whole debt.
(c) This section does not apply to an estate administered as an independent administration under Subtitle I.
(2) On page 39, line 9, between "Chapter 255," and "and", insert "Section 355.1551,".