Texas Insurance Code 2751.002 – Definitions of Personal Property and Personal Property Title Insurance
Terms Used In Texas Insurance Code 2751.002
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Personal property: All property that is not real property.
- Property: means real and personal property. See Texas Government Code 311.005
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
In this subtitle:
(1) “Personal property” has the meaning assigned by Section 1.04, Tax Code.
(2) “Personal property title insurance” means coverage that insures:
(A) whether affirming or negating, one or more of the elements of attachment, perfection, or priority of a security interest in personal property or fixtures;
(B) the results, as to correctness, completeness, or other criteria, of a search of:
(i) the filing office of the financing statement record of a debtor; or
(ii) any other database, whether publicly or privately maintained, such as court dockets, tax records, motor vehicle department records, or the records of the Federal Aviation Administration as to aircraft, the United States Coast Guard as to vessels, or the United States Department of Transportation;
(C) the status of ownership of, rights in, powers to transfer rights in, or title with respect to personal property or fixtures;
(D) the effectiveness of the filing of a financing statement with a filing office, or any other record with any publicly maintained database or registry;
(E) the lien status of personal property or fixtures, or compliance with Title 1, Business & Commerce Code, the Uniform Commercial Code, international conventions such as the United Nations Commission on International Trade Law (UNCITRAL), or similar laws or regulations; or
(F) any of the matters covered by Paragraphs (A)-(E) with respect to the laws of any other domestic or foreign jurisdiction.