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A BILL TO BE ENTITLED
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AN ACT
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relating to the perfection and priority of an agricultural lien on |
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an agricultural crop. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter E, Chapter 70, Property Code, is |
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amended by adding Section 70.4045 to read as follows: |
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Sec. 70.4045. PERFECTION AND PRIORITY OF AGRICULTURAL LIEN |
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ON AN AGRICULTURAL CROP. (a) Notwithstanding Chapter 9, Business & |
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Commerce Code, an agricultural lien on an agricultural crop created |
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under this subchapter is perfected at the time the lien attaches |
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under Section 70.403 and continues to be perfected if a financing |
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statement covering the agricultural crop is filed on or before the |
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90th day after the date the lien attaches under that section. |
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(b) If a financing statement covering the agricultural crop |
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is not filed on or before the 90th day after the date the lien |
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attaches under Section 70.403, the lien is considered unperfected |
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on the date the lien attached until the date the financing statement |
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is filed or the lien is perfected under Chapter 9, Business & |
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Commerce Code. |
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(c) Notwithstanding Chapter 9, Business & Commerce Code, an |
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agricultural lien on an agricultural crop created and perfected |
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under this subchapter has priority over a conflicting security |
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interest in an agricultural lien on the agricultural crop. |
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SECTION 2. Section 70.4045, Property Code, as added by this |
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Act, applies only to a lien that attaches on or after the effective |
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date of this Act. A lien that attaches before the effective date of |
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this Act is governed by the law as it existed immediately before |
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that date, and that law is continued in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2015. |