Texas Business & Commerce Code - Section 35.015. Election To Be Treated As A Utility
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§ 35.015. ELECTION TO BE TREATED AS A UTILITY. In this
chapter:
(1) Any person who is a utility under the definition
contained in Subdivision (2) of Subsection (a) of Section 35.01
above shall nevertheless not be considered to be a utility and
subject to the requirements and benefits of Subchapter A of this
chapter, unless and until such person files a security instrument
with the secretary of state which states conspicuously on its title
page: "This Instrument Grants A Security Interest By A Utility."
(2) An election by a utility to be covered by this
subchapter shall only be effective for the collateral covered by
the security instrument upon which the election is made and shall
not be effective for other collateral unless a similar election is
made for such collateral.
(3) Any person who executes a security instrument with
respect to which no election is made to be treated as a utility as
provided in Subsection (a) of this section shall be subject to other
applicable requirements of law pertaining to the perfection of a
lien or security interest in the collateral covered by such
security instrument.
Added by Acts 1981, 67th Leg., p. 2935, ch. 778, § 1, eff. Aug.
31, 1981. Renumbered from § 35.01A by Acts 1987, 70th Leg., ch.
167, § 5.02(8), eff. Sept. 1, 1987.
Section: 27.02 34.01 34.02 34.03 34.04 34.05 35.01 35.015 35.02 35.03 35.04 35.05 35.06 35.07 35.08
Last modified: August 10, 2007
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