| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 86R5763 BEE-D | |
| 2 | 2 | By: Harris H.B. No. 1368 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to option contracts to acquire real property for | |
| 8 | 8 | high-speed rail projects. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Subchapter B, Chapter 112, Transportation Code, | |
| 11 | 11 | is amended by adding Section 112.063 to read as follows: | |
| 12 | 12 | Sec. 112.063. REAL PROPERTY OPTION CONTRACTS FOR HIGH-SPEED | |
| 13 | 13 | RAIL VOID ON BANKRUPTCY. (a) In this section, "high-speed rail" | |
| 14 | 14 | has the meaning assigned by Section 112.201. | |
| 15 | 15 | (b) On the filing of a bankruptcy petition by or against a | |
| 16 | 16 | railroad company, an option contract held by the company to acquire | |
| 17 | 17 | real property for a high-speed rail project is void. | |
| 18 | 18 | SECTION 2. Section 112.063, Transportation Code, as added | |
| 19 | 19 | by this Act, applies only to an option contract entered into on or | |
| 20 | 20 | after the effective date of this Act. | |
| 21 | 21 | SECTION 3. This Act takes effect September 1, 2019. |