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Relating to the repossession of an aircraft.
No significant fiscal implication to the State is anticipated.
SB 1133 would create a new chapter in the Property Code. Specifically, this chapter would allow a repossession agent to acquire a writ of assistance from the court. This writ of assistance would permit a peace officer to escort an agent when attempting to repossess an airplane.
A writ would be valid for 30 days and the court may issue it an unlimited number of times. Likewise the agent would not be restricted from the number of times he or she requests a writ.
Lastly, this legislation outlines the required information a repossession agent must present when petitioning the court for a writ of assistance.
A lender may hire a repossession agent to reclaim an airplane, the owner of which may have defaulted on making payments. Repossessing a plane can be risky because plane owners might be hostile to having their aircraft seized. If a plane owner becomes aggressive, a repossession agent must avoid the confrontation. However, according to the author’s statement of intent, under tight deadlines, repossession agents are pushed to take great risks that include jumping fences and hotwiring a plane in order to reclaim the airplane for the lender.
This legislation would protect an agent from a hostile aircraft owner by allowing a peace officer to escort an agent while reclaiming the aircraft.
If a repossession agent engages in the lawful repossession of defaulted property, then that agent should not have to undergo risks that could result in harm not only to the agent but other people as well. We support SB 1133 because it protects private property by allowing a person to reclaim their aircraft lawfully without incurring significant risk of doing so. It also promotes personal responsibility by ensuring that the defaulting party follow through on their obligation to either pay the loan or give up the collateral if the loan can not be repaid