Assessment on The Rights Of Assignees of Certain Interests and Liens

S.B.1592 amends certain Sections of the TBCC, the Parks and Wildlife Code, and the Transportation Code to expound upon the current law in Texas that states the constitutional rights of assignees of security benefits created by a utility, security interests noted on vessel or outboard motor certificates of title, and liens noted on motor vehicle certificates of title. The Lien or security interest is still valid, perfected, and retains its precedence if any of the liens or security interests are assigned. Through this agreement, the lien or security interest secures the responsibility assigned to the assignee against transferees from and creditors of the debtor, including lien creditors. As for the assignee or assignor, they may apply to be named as the proprietor of the security interest and/or lien on the appropriate certificate title or on the utility security instrument through the government agency that they see fit. In the even of a failure to make such application or to inform the debtor of the assignment does not influence the continuance of the perfected position of the lien or security interest running in support of the assignee.

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