88(4) HB 50 - Introduced version - Bill Text
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A BILL TO BE ENTITLED
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AN ACT
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relating to the purchase of or acquisition of title to real property |
 
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by certain aliens or foreign entities. |
 
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             BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
 
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             SECTION  1.    Section 64.001(a), Civil Practice and Remedies |
 
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Code, is amended to read as follows: |
 
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             (a)    A court of competent jurisdiction may appoint a |
 
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receiver: |
 
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                         (1)    in an action by a vendor to vacate a fraudulent |
 
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purchase of property; |
 
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                         (2)    in an action by a creditor to subject any property |
 
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or fund to the creditor's [his] claim; |
 
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                         (3)    in an action between partners or others jointly |
 
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owning or interested in any property or fund; |
 
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                         (4)    in an action by a mortgagee for the foreclosure of |
 
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the mortgage and sale of the mortgaged property; |
 
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                         (5)    for a corporation that is insolvent, is in |
 
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imminent danger of insolvency, has been dissolved, or has forfeited |
 
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its corporate rights; [or] |
 
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                         (6)    in an action by the attorney general under |
 
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Subchapter H, Chapter 5, Property Code; or |
 
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                         (7)    in any other case in which a receiver may be |
 
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appointed under the rules of equity. |
 
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             SECTION  2.    Section 5.005, Property Code, is amended to read |
 
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as follows: |
 
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             Sec.  5.005.    ALIENS. Except as provided by Subchapter H, an |
 
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[An] alien has the same real and personal property rights as a |
 
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United States citizen. |
 
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             SECTION  3.    Chapter 5, Property Code, is amended by adding |
 
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Subchapter H to read as follows: |
 
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SUBCHAPTER H. PURCHASE OF OR ACQUISITION OF TITLE TO REAL PROPERTY |
 
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BY CERTAIN FOREIGN INDIVIDUALS OR ENTITIES |
 
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             Sec.  5.251.    DEFINITIONS. In this subchapter: |
 
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                         (1)    "Agricultural land" means land that is located in |
 
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this state and that is suitable for: |
 
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                                     (A)    use in production of plants and fruits grown |
 
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for human or animal consumption, or plants grown for the production |
 
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of fibers, floriculture, viticulture, horticulture, or planting |
 
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seed; or |
 
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                                     (B)    domestic or native farm or ranch animals kept |
 
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for use or profit. |
 
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                         (2)    "Control" means ownership of at least 50 percent |
 
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of the voting ownership interest of an organization necessary to |
 
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elect a governing person or governing authority of an organization. |
 
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                         (3)    "Designated country" means a country identified by |
 
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the United States Director of National Intelligence as a country |
 
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that poses a risk to the national security of the United States in |
 
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each of the three most recent Annual Threat Assessments of the U.S. |
 
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Intelligence Community issued pursuant to Section 108B, National |
 
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Security Act of 1947 (50 U.S.C. Section 3043b). |
 
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                         (4)    "Governing authority," "governing person," and |
 
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"organization" have the meanings assigned by Section 1.002, |
 
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Business Organizations Code. |
 
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                         (5)    "Real property" means: |
 
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                                     (A)    agricultural land; |
 
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                                     (B)    an improvement located on agricultural land; |
 
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                                     (C)    a mine or quarry; |
 
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                                     (D)    a mineral in place; or |
 
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                                     (E)    standing timber. |
 
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             Sec.  5.252.    EXCEPTIONS: UNITED STATES CITIZENS AND LAWFUL |
 
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PERMANENT RESIDENTS; RESIDENCE HOMESTEAD PROPERTY; LEASEHOLD.  (a) |
 
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This subchapter does not apply to: |
 
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                         (1)    an individual who is a citizen or lawful permanent |
 
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resident of the United States, including an individual who is a |
 
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Statutes affected:
Introduced: Civil Practice and Remedies Code 64.001, Property Code 5.005 (Civil Practice and Remedies Code 64, Property Code 5)