Bill Text: TX HB3309 | 2021-2022 | 87th Legislature | Introduced
Bill Title: Relating to option contracts to acquire real property for high-speed rail projects.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-03-19 - Referred to Transportation [HB3309 Detail]
Download: Texas-2021-HB3309-Introduced.html
| 87R2102 BEE-D | ||
| By: Harris | H.B. No. 3309 | |
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| relating to option contracts to acquire real property for | ||
| high-speed rail projects. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 112, Transportation Code, | ||
| is amended by adding Section 112.063 to read as follows: | ||
| Sec. 112.063. REAL PROPERTY OPTION CONTRACTS FOR HIGH-SPEED | ||
| RAIL VOID ON BANKRUPTCY. (a) In this section, "high-speed rail" | ||
| has the meaning assigned by Section 112.201. | ||
| (b) On the filing of a bankruptcy petition by or against a | ||
| railroad company, an option contract held by the company to acquire | ||
| real property for a high-speed rail project is void. | ||
| SECTION 2. Section 112.063, Transportation Code, as added | ||
| by this Act, applies only to an option contract entered into on or | ||
| after the effective date of this Act. | ||
| SECTION 3. This Act takes effect September 1, 2021. | ||
