Texas § BC.261.004 - FILING UTILITY SECURITY INSTRUMENT WITH SECRETARY OF STATE

§ BC.261.004. FILING UTILITY SECURITY INSTRUMENT WITH SECRETARY OF STATE

FILING UTILITY SECURITY INSTRUMENT WITH SECRETARY OF STATE: PERFECTION AND NOTICE. (a) Subject to Subsection (b), the filing with the secretary of state of a utility security instrument executed by a utility and described by Section 261.003 (1) and payment of the filing fee prescribed by Section 261.008 : (1) constitute perfection of a security interest created by the instrument in any personal property: (A) in which a security interest may be perfected by filing under Chapter 9 , including any goods that are or will become a fixture; (B) that is located in this state; and (C) that was owned by the utility when the instrument was executed or is to be acquired by the utility after the instrument is executed; (2) if the instrument is proven, acknowledged, or certified as otherwise required by law for the recording of real property mortgages, serve as notice to all persons of the existence of the instrument and the security interest granted by the instrument in any real property, or in any fixture on or to be placed on the property, that: (A) is located in this state; and (B) was owned by the utility when the instrument was executed or is to be acquired by the utility after the instrument is executed; and (3) result in priority of the secured party reflected on the utility security instrument and assignees under Section 261.012 over the rights of a lien creditor, as defined by Section 9.102 , for so long as the lien is recorded on the utility security instrument. (b) For perfection or notice under Subsection (a) to be effective as to a particular item of property, the filed utility security instrument must: (1) identify the property by type, character, or description if the property is presently owned personal property, including a fixture, and for that purpose any description of personal property or real property is sufficient, regardless of whether specific, if it reasonably identifies what is described; (2) provide a description of the property if the property is presently owned real property; or (3) if the property is to be acquired after the instrument is executed, state conspicuously on its title page: "This Instrument Contains After-Acquired Property Provisions." (c) A filing under this section satisfies any requirement of: (1) a filing of the utility security instrument or a financing statement in the office of a county clerk if that filing would otherwise be necessary to perfect a security interest; and (2) a recording of the utility security instrument in the office of a county clerk if that recording would otherwise make the instrument effective as to all creditors and subsequent purchasers for valuable consideration without notice. Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278 ), Sec. 2.01, eff. April 1, 2009. Amended by: Acts 2009, 81st Leg., R.S., Ch. 814 (S.B. 1592 ), Sec. 1, eff. June 19, 2009.