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Texas bill will study central filing system for agriculture liens
Monday, April 15, 2019 6:55 AM

SB 2037 by Sen. Bob Hall (R-Edgewood) would direct the Office of the Secretary of State to study the feasibility of creating a central filing system for agricultural liens. The system would allow lenders to file a statement of liens on farm products and allow buyers to determine whether farm products are subject to a lien.

Under the current system, lenders send paper notices to potential buyers of the products in a variety of unregulated ways, including simple notice, certified letter, or notice with acknowledgement.

A central notification system could eliminate any confusion resulting from the multiplicity of notice forms and provide greater certainty for creditors. Right now, a creditor does not have any way to be sure that it has sent its prenotice to the actual ultimate purchaser. For the buyers, the system would be simpler to manage with clear, searchable electronic reports provided to them by the secretary of state.

The Senate approved SB 2037 on April 11.

Contact Jeff Huffman at 469-385-6488 or jhuffman@txcua.coop for more information.