TITLE: Relating to the repossession of an aircraft.

SUMMARY: Relating to the repossession of an aircraft.

FULL TEXT:
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.