Bill Text: TX HB2706 | 2015-2016 | 84th Legislature | Enrolled
Bill Title: Relating to the value of personal property exempt from seizure by creditors.
Spectrum: Bipartisan Bill
Status: (Passed) 2015-06-17 - Effective on 9/1/15 [HB2706 Detail]
Download: Texas-2015-HB2706-Enrolled.html
H.B. No. 2706 |
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relating to the value of personal property exempt from seizure by | ||
creditors. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 42.001(a), Property Code, is amended to | ||
read as follows: | ||
(a) Personal property, as described in Section 42.002, is | ||
exempt from garnishment, attachment, execution, or other seizure | ||
if: | ||
(1) the property is provided for a family and has an | ||
aggregate fair market value of not more than $100,000 [ |
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exclusive of the amount of any liens, security interests, or other | ||
charges encumbering the property; or | ||
(2) the property is owned by a single adult, who is not | ||
a member of a family, and has an aggregate fair market value of not | ||
more than $50,000 [ |
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security interests, or other charges encumbering the property. | ||
SECTION 2. The changes in law made this Act do not apply to | ||
property that is, as of the effective date of this Act, subject to a | ||
voluntary bankruptcy proceeding or to a valid claim of a holder of a | ||
final judgment who has, by levy, garnishment, or other legal | ||
process, obtained rights superior to those that would otherwise be | ||
held by a trustee in bankruptcy if a bankruptcy petition were then | ||
pending against the debtor. That property is subject to the law as | ||
it existed immediately before the effective date of this Act, and | ||
the prior law is continued in effect for that purpose. | ||
SECTION 3. This Act takes effect September 1, 2015. | ||
______________________________ | ______________________________ | |
President of the Senate | Speaker of the House | |
I certify that H.B. No. 2706 was passed by the House on May 5, | ||
2015, by the following vote: Yeas 143, Nays 2, 2 present, not | ||
voting. | ||
______________________________ | ||
Chief Clerk of the House | ||
I certify that H.B. No. 2706 was passed by the Senate on May | ||
26, 2015, by the following vote: Yeas 31, Nays 0. | ||
______________________________ | ||
Secretary of the Senate | ||
APPROVED: _____________________ | ||
Date | ||
_____________________ | ||
Governor |