Texas Laws - Business and Commerce Code
BUSINESS AND COMMERCE CODE
TITLE 8. SECURITY INSTRUMENTS

Sec. 261.006. PRIORITIES AND REMEDIES APPLICABLE TO CERTAIN PERFECTED SECURITY INTERESTS. (10114)(1-click HTML)

The provisions of Chapter 9 relating to priorities and remedies apply to security interests in personal property, including fixtures, perfected under Section 261.004. (10115)

Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009. (10116)

Sec. 261.007. NOTICE OF NAME CHANGE, MERGER, OR CONSOLIDATION. (10117)(1-click HTML)

(a) A utility that changes its name or merges or consolidates after filing a utility security instrument under Section 261.004 shall promptly file with the secretary of state a written statement of the name change, merger, or consolidation. The written statement must: (10118)

(1) be signed by the secured party and the utility; (10119)

(2) identify the appropriate utility security instrument by file number; and (10120)

(3) state the name of the utility after the name change, merger, or consolidation. (10121)

(b) Unless a written statement is filed under Subsection (a) not later than four months after the effective date of the name change, merger, or consolidations, the filing of a utility security instrument before the name change, merger, or consolidation does not constitute perfection or serve as notice under Section 261.004 of a security interest in property acquired by the utility more than four months after the name change, merger, or consolidation. (10122)

Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009. (10123)

Sec. 261.008. ENDORSEMENT AND FILING BY SECRETARY OF STATE; FEES. (10124)(1-click HTML)

(a) The secretary of state shall endorse on a utility security instrument and any statement of name change, merger, or consolidation filed with the secretary of state: (10125)

(1) the day and hour of receipt; and (10126)

(2) the assigned file number. (10127)

(b) In the absence of other evidence, an endorsement under Subsection (a) is conclusive proof of the time and fact of filing. (10128)

(c) The secretary of state shall file in adequate filing devices and retain in the secretary of state's office all utility security instruments and statements of name change, merger, or consolidation filed with the secretary of state. (10129)

(d) The secretary of state shall charge a $25 fee to: (10130)

(1) file and index: (10131)

(A) a utility security instrument; (10132)

(B) an instrument that supplements or amends a utility security instrument; or (10133)

(C) a statement of name change, merger, or consolidation; and (10134)

(2) stamp a copy of a document described by Subdivision (1), provided by the secured party or the utility, to indicate the date and place of filing. (10135)

Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009. (10136)

Sec. 261.009. CERTIFICATE OF FILING; FEE. (10137)(1-click HTML)

(a) On request of any person, the secretary of state shall issue a certificate that: (10138)

(1) indicates whether on the date and hour stated in the request, there is on file any presently effective utility security instrument naming a particular utility; and (10139)

(2) if there is, states: (10140)

(A) the date and hour the utility security instrument was filed; and (10141)

(B) the names and addresses of each secured party. (10142)

(b) The amount of the fee for a certificate under this section is the same as the amount of the fee provided by Section 9.525(d). (10143)

Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009. (10144)

Amended by: (10145)

Acts 2009, 81st Leg., R.S., Ch. 547 (S.B. 1699), Sec. 4, eff. September 1, 2009. (10146)

Sec. 261.010. COPY OF FILED UTILITY SECURITY INSTRUMENT; FEE. (10147)(1-click HTML)

(a) On request and payment of the fee prescribed by Subsection (b), the secretary of state shall provide a person with a copy of any filed utility security instrument. (10148)

(b) The fee for a copy under this section is in the amount provided by Section 405.031, Government Code. (10149)

Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009. (10150)

Amended by: (10151)

Acts 2009, 81st Leg., R.S., Ch. 547 (S.B. 1699), Sec. 5, eff. September 1, 2009. (10152)

Sec. 261.011. NOTICE OF UTILITY SECURITY INSTRUMENT AFFECTING REAL PROPERTY. (10153)(1-click HTML)

(a) If a utility security instrument filed with the secretary of state under Section 261.004 grants a security interest in real property owned by the utility, a notice of utility security instrument affecting real property must be recorded in the office of the county clerk in the county in which the real property is located. The notice must state: (10154)

(1) the name of the utility that executed the utility security instrument; (10155)

(2) that a utility security instrument affecting real property in the county has been executed by the utility; and (10156)

(3) that the utility security instrument was filed, and other security instruments may be on file, with the secretary of state. (10157)

(b) A notice recorded under Subsection (a) is sufficient to provide notice of any other security instrument filed with the secretary of state that: (10158)

(1) was executed by the utility; and (10159)

(2) grants a security interest in any real property located in the county in which the notice was recorded or in any fixture on the property. (10160)

(c) The county clerk shall record and index a notice described by Subsection (a) in the same records and indices as the clerk records and indexes mortgages on real property. (10161)

(d) The county clerk shall maintain a separate index of utility security instruments and continuation statements recorded under prior law. (10162)

Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009. (10163)

Sec. 261.012. ASSIGNMENT OF SECURITY INTEREST. (10164)(1-click HTML)

(a) A secured party may assign a security interest recorded under Section 261.004 without making any filing or giving any notice under this chapter. The security interest assigned remains valid and perfected and retains its priority, securing the obligation assigned to the assignee, against transferees from and creditors of the debtor utility, including lien creditors, as defined by Section 9.102. (10165)

(b) An assignee or assignor may, but need not to retain the validity, perfection, and priority of the security interest assigned, as evidence of the assignment of the security interest recorded under Section 261.004, apply to the secretary of state for the assignee to be reflected as secured party on the utility security instrument and notify the debtor utility of the assignment. Failure to make application under this section or notify a debtor utility of an assignment does not create a cause of action against the secured party reflected on the utility security instrument, the assignor, or the assignee or affect the continuation of the perfected status of the assigned security interest in favor of the assignee against transferees from and creditors of the debtor utility, including lien creditors, as defined by Section 9.102. (10166)

Added by Acts 2009, 81st Leg., R.S., Ch. 814 (S.B. 1592), Sec. 2, eff. June 19, 2009. (10167)

TITLE 9. APPLICABILITY OF LAW TO COMMERCIAL TRANSACTIONS (10168)(1-click HTML)

CHAPTER 271. RIGHTS OF PARTIES TO CHOOSE LAW APPLICABLE TO CERTAIN TRANSACTIONS (10169)(1-click HTML)

Sec. 271.001. DEFINITION. (10170)(1-click HTML)

In this chapter, "qualified transaction" means a transaction under which a party: (10171)

(1) pays or receives, or is obligated to pay or is entitled to receive, consideration with an aggregate value of at least $1 million; or (10172)

(2) lends, advances, borrows, or receives, or is obligated to lend or advance or is entitled to borrow or receive, money or credit with an aggregate value of at least $1 million. (10173)

Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009. (10174)

Sec. 271.002. SUBSTANTIALLY SIMILAR OR RELATED TRANSACTIONS. (10175)(1-click HTML)

For purposes of this chapter, two or more substantially similar or related transactions are considered a single transaction if the transactions: (10176)

(1) are entered into contemporaneously; and (10177)

(2) have at least one common party. (10178)

Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009. (10179)

Sec. 271.003. CONFLICT-OF-LAWS RULES. (10180)(1-click HTML)

For purposes of this chapter, a reference to the law of a particular jurisdiction does not include that jurisdiction's conflict-of-laws rules. (10181)

Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009. (10182)

Sec. 271.004. DETERMINATION OF REASONABLE RELATION OF TRANSACTION TO PARTICULAR JURISDICTION. (10183)(1-click HTML)

(a) For purposes of this chapter, a transaction bears a reasonable relation to a particular jurisdiction if the transaction, the subject matter of the transaction, or a party to the transaction is reasonably related to that jurisdiction. (10184)

(b) A transaction bearing a reasonable relation to a particular jurisdiction includes: (10185)

(1) a transaction in which: (10186)

(A) a party to the transaction is a resident of that jurisdiction; (10187)

(B) a party to the transaction has the party's place of business or, if that party has more than one place of business, the party's chief executive office or an office from which the party conducts a substantial part of the negotiations relating to the transaction, in that jurisdiction; (10188)

(C) all or part of the subject matter of the transaction is located in that jurisdiction; (10189)

(D) a party to the transaction is required to perform in that jurisdiction a substantial part of the party's obligations relating to the transaction, such as delivering payments; (10190)

(E) a substantial part of the negotiations relating to the transaction occurred in or from that jurisdiction and an agreement relating to the transaction was signed in that jurisdiction by a party to the transaction; or (10191)

(F) all or part of the subject matter of the transaction is related to the governing documents or internal affairs of an entity formed under the laws of that jurisdiction, such as: (10192)

  

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