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A BILL TO BE ENTITLED
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AN ACT
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relating to the repossession of an aircraft. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Title 4, Property Code, is amended by adding |
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Chapter 30 to read as follows: |
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CHAPTER 30. WRIT OF ASSISTANCE FOR REPOSSESSION OF AIRCRAFT |
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Sec. 30.01. DEFINITIONS. In this chapter: |
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(1) "Aircraft" means a self-propelled motor vehicle |
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that can be used to transport a person by flight in the air. |
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(2) "Repossession" means the recovery of an aircraft |
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that has been sold under a security agreement containing a |
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repossession clause authorizing the lender to recover the aircraft |
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if the borrower defaults under the agreement. |
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(3) "Repossession agent" means an individual who is |
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authorized to engage in a repossession for a lender. |
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Sec. 30.02. WRIT OF ASSISTANCE FOR REPOSSESSION OF |
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AIRCRAFT. (a) A writ of assistance for the repossession of an |
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aircraft authorizes a peace officer to assist and protect a |
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repossession agent in gaining possession of the aircraft while the |
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agent: |
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(1) secures the aircraft on site; or |
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(2) prepares the aircraft, which may include a |
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mechanical inspection, for removal from the site by flight or |
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otherwise to another location. |
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(b) A writ of assistance for the repossession of an aircraft |
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is valid for 30 days. |
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(c) A justice court may grant unlimited extensions of a writ |
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of assistance issued under this chapter. |
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Sec. 30.03. PETITION FOR WRIT OF ASSISTANCE. (a) A |
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repossession agent may file a petition in a justice court for a writ |
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of assistance for the repossession of an aircraft. |
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(b) The repossession agent is entitled to the writ if the |
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repossession agent establishes that: |
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(1) the aircraft is subject to the proposed |
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repossession; and |
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(2) the repossession agent is authorized to engage in |
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the repossession. |
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(c) The petition for the writ must include a copy of: |
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(1) the security agreement relating to the aircraft; |
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(2) the notice of default under the security agreement |
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sent by the lender to the borrower; |
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(3) the instrument in which a power of attorney for the |
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repossession is granted to the repossession agent by the lender; |
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and |
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(4) the results of a title search of the Federal |
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Aviation Administration's records for the aircraft. |
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SECTION 2. This Act takes effect September 1, 2015. |