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AN ACT
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relating to the value of personal property exempt from seizure by |
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creditors. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 42.001(a), Property Code, is amended to |
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read as follows: |
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(a) Personal property, as described in Section 42.002, is |
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exempt from garnishment, attachment, execution, or other seizure |
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if: |
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(1) the property is provided for a family and has an |
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aggregate fair market value of not more than $100,000 [$60,000], |
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exclusive of the amount of any liens, security interests, or other |
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charges encumbering the property; or |
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(2) the property is owned by a single adult, who is not |
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a member of a family, and has an aggregate fair market value of not |
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more than $50,000 [$30,000], exclusive of the amount of any liens, |
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security interests, or other charges encumbering the property. |
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SECTION 2. The changes in law made this Act do not apply to |
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property that is, as of the effective date of this Act, subject to a |
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voluntary bankruptcy proceeding or to a valid claim of a holder of a |
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final judgment who has, by levy, garnishment, or other legal |
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process, obtained rights superior to those that would otherwise be |
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held by a trustee in bankruptcy if a bankruptcy petition were then |
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pending against the debtor. That property is subject to the law as |
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it existed immediately before the effective date of this Act, and |
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the prior law is continued in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2015. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 2706 was passed by the House on May 5, |
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2015, by the following vote: Yeas 143, Nays 2, 2 present, not |
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voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 2706 was passed by the Senate on May |
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26, 2015, by the following vote: Yeas 31, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: _____________________ |
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Date |
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_____________________ |
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Governor |