The Laws of Texas, 1934-1935 [Volume 29] Page: 13 of 2,086
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FORTY-THIRD LEGISLATURE-SECOND CALLED SESSION. 3
to be made on February 6, 1934, are hereby stayed and postponed
until the first Tuesday of March, 1934; that no other or
further advertisement or notice of any such sale that has been
lawfully published or given for sale on February 6, 1934, shall
be required for sale under such execution, order of sale or such
deed of trust, mortgage or other contract on the first Tuesday
in March, 1934. Any and all sales under execution, order of
sale or under any deed of trust, mortgage or other contract
giving or granting any power of sale of real property for debt,
made prior to the first Tuesday in March, 1934, and subsequent
to the effective date of this Act shall be and the same is hereby
declared void. Provided that this Act shall not apply where
the lien sought to be foreclosed was procured or obtained for
the purpose of securing in part or whole any indebtedness for
money or property procured by misrepresentation, fraud, defalcation
or embezzlement. Provided further that if the record
owner of such real estate and the holder of such indebtedness
agree in writing that such sale shall be made on February 6,
1934, such sale shall be valid and binding. In all such cases
the agreement shall be signed by the trustee or other person
making such sale and by the record owner of such real estate
and shall be acknowledged and filed for record with the trustee's
or other person's deed.
SEC. 2. That the period within which return is required to
be made under any such execution of order shall be, and the
same is hereby extended for such period as may be necessary
to enable the officer making such sale to make due return
thereof but such extension shall not extend beyond the first
Tuesday in April, 1934.
SEC. 3. The time during which sales under execution, order
of sale, deeds of trust, mortgage or contract shall be suspended
or extended by the provisions of this Act shall not be accounted
or computed as a part of the period within which suits shall
be instituted or sales shall be made.
SEC. 4. The fact that widespread financial depression has
made it impossible for many owners of encumbered real property
to refinance loans secured by such property and has subjected
vast amounts of valuable property to sale under foreclosure;
the further fact that there is now no market demand
for real estate which will cause sales on February 6th, 1934,
to be made at grossly inadequate prices and amount to a confiscation
of property without extinguishing secured indebtedness,
thereby working a harsh and cruel injustice upon many
people who are unable to defend themselves; and the further
fact that widespread sales of real estate for less than the intrinsic
value will seriously retard the restoration of normal
conditions creates an emergency and an imperative public necessity
demanding that the Constitutional Rule requiring bills to
be read on three several days in each House be suspended and
the same is hereby suspended and this Act shall take effect and
be in force from and after its passage, and it is so enacted.
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1934-1935 [Volume 29], book, 1935; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth17292/m1/13/: accessed April 26, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .