Bill Text: TX SB1133 | 2015-2016 | 84th Legislature | Engrossed

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Bill Title: Relating to the repossession of an aircraft.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2015-05-22 - Referred to Business & Industry [SB1133 Detail]

Download: Texas-2015-SB1133-Engrossed.html

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By: Taylor of Collin S.B. No. 1133
(In the Senate - Filed March 10, 2015; March 17, 2015, read
first time and referred to Committee on Business and Commerce;
April 15, 2015, reported favorably by the following vote: Yeas 9,
Nays 0; April 15, 2015, sent to printer.)

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