Texas House bill would create central filing system for secured interests on agricultural liens

Under the current paper-based system, creditors send notice to possible buyers of the products of the debt, and buyers make joint payments to both the seller and the lender. This bill would establish an electronic system that the bill's author describes as more efficient and easier for all parties to use. Buyers would not have to create their own master list, but rather rely on getting the information from the Secretary of State’s office. In addition, buyers could search before making payments. Borrowers benefit from having their liens removed from the system sooner. 

HB 4519 received a hearing in the House Pensions, Investments, and Financial Services Committee and was left pending.

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