Bill Text: TX SB31 | 2023 | 88th Legislature 4th Special Session | Introduced
Bill Title: Relating to the persons authorized or appointed to exercise the power of sale under the terms of a contract lien on real property.
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2023-11-09 - Filed [SB31 Detail]
Download: Texas-2023-SB31-Introduced.html
| 88S40196 ATP-F | ||
| By: Campbell | S.B. No. 31 | |
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| relating to the persons authorized or appointed to exercise the | ||
| power of sale under the terms of a contract lien on real property. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Sections 51.0001(7) and (8), Property Code, are | ||
| amended to read as follows: | ||
| (7) "Substitute trustee" means an individual, | ||
| corporation, organization, government or governmental subdivision | ||
| or agency, business trust, estate, trust, partnership, | ||
| association, or other legal entity [ |
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| current mortgagee or mortgage servicer under the terms of the | ||
| security instrument to exercise the power of sale. | ||
| (8) "Trustee" means an individual, corporation, | ||
| organization, government or governmental subdivision or agency, | ||
| business trust, estate, trust, partnership, association, or other | ||
| legal entity [ |
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| of sale under the terms of a security instrument in accordance with | ||
| Section 51.0074. | ||
| SECTION 2. This Act takes effect immediately if it receives | ||
| a vote of two-thirds of all the members elected to each house, as | ||
| provided by Section 39, Article III, Texas Constitution. If this | ||
| Act does not receive the vote necessary for immediate effect, this | ||
| Act takes effect on the 91st day after the last day of the | ||
| legislative session. | ||
