81R4958 PMO-D
By: Solomons H.B. No. 655
A BILL TO BE ENTITLED
AN ACT
relating to payment to a trustee or substitute trustee after public
sale of foreclosed property.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 51.0075(f), Property Code, is amended to
read as follows:
(f) The purchase price in a sale held by a trustee or
substitute trustee under this section is payable within one hour
after [immediately on] acceptance of the bid by the trustee or
substitute trustee. The trustee or substitute trustee shall
disburse the proceeds of the sale as provided by law.
SECTION 2. This Act takes effect September 1, 2009.