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 Post subject: Popularity of Storage Auctions Spurs Change in TN Lien Laws
PostPosted: Mar 12th, '11, 02:47 
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Joined: Nov 7th, '10, 13:27
Posts: 138
Location: Virginia
Popularity of Self Storage Auctions Spurs Change in Tennessee Lien laws

Self storage auctions are getting swamped with attendees in recent months as popularity has grown, causing many states to look at streamlining their lien laws. Earlier this week, both Nevada and Florida legislators reviewed proposed changes to their states’ self storage lien laws. Now Tennessee has joined the ranks by introducing legislation that would lift the newspaper advertising requirement for self storage lien sales.

Due mostly to the popularity of A&E’s “Storage Wars” reality show, novice bidders have begun to flock to self storage auctions hoping to find treasure amongst the boxes and bins. The demand for storage auctions has grown exponentially and many states are looking to smooth the process by taking a more modern look at what some self storage associations are calling outdated and overly stringent lien laws. Auctions and lien laws are of such great interest that the Inside Self-Storage World Expo, March 14-16 at the Paris Hotel & Resort in Las Vegas will be conducting two special seminars and a workshop that will focus on lien laws and auction sales.

The proposed Tennessee state legislation known as Senate Bill 1293 and House Bill 1265 would allow facilities to contact auctioned tenants by verified mail, which would include e-mail and hand delivery. The new advertising requirement would still require facilities to post clear auction information, such as time, date, place and manner of the sale. To be commercially reasonable an auction would require at least three bidders but no newspaper ad would be required. ... -laws.aspx

 Post subject: Re: Popularity of Storage Auctions Spurs Change in TN Lien L
PostPosted: Mar 22nd, '11, 20:56 
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Joined: Feb 18th, '11, 08:16
Posts: 33
Location: Houston, TX.
Texas is has already submitted a bill that is doing extremely well. It passed the first vote, uncontested. Here is a recent article:

New Bill Aims to Amend Texas Property Code Chapter 59 - Lien Sale Notification

SB 690 was recently introduced to the Texas Legislature to amend the Texas Property Code, Chapter 59, which deals with storage lien sale notification requirements for storage facilities in our state.

One of the main changes being proposed involves the option for storage facilities to publish legal notices on free websites for the storage industry. Currently, storage facilities in Texas must run their legal notices for two consecutive weeks in a newspaper of general circulation, which can be quite expensive.

This prospective change may cause some confusion. Once storage facilities realize that they can save hundreds, if not thousands per year on their advertising expenses, they will abandon ship, and begin posting public notices for storage auctions on their own websites. Public notices in newspapers will be obsolete.

So how does this affect you, the storage auction buyer?

If every storage facility in your area listed public notices in different online source, this would make an already imperfect system all the more confusing. Can you imagine having to visit hundreds of websites to find auction information in your area?

Travis Lane

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