Enacted-Effective 9/1/11: SB 1368 -- Authority of co-owner to encumber homestead property without consent of other co-owners

Caption: Relating to the authority of a co-owner of residential property to encumber the property.
Author: West
Bill History
Bill Text

Relevance:  This bill allows a co-owner of residential property claimed as the co-owner's homestead to place a lien on the property in certain circumstances.  The debt secured by the lien would be solely the obligation of the co-owner, but other co-owners could not repudiate or disaffirm the lien. This bill is intended to permit a co-owner who has paid all of the taxes on a property to create a lien to improve or preserve that property without the consent of other co-owners. This could come in handy in the case of property passing by intestacy to multiple heirs where only one heir occupies the property.