81R14910 PMO-D
By: Solomons H.B. No. 655
Substitute the following for H.B. No. 655:
By: Turner of Harris C.S.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 due and payable without
delay [immediately] on acceptance of the bid or, on the purchaser's
request, within a reasonable period after acceptance of the bid
agreed to by the trustee or substitute trustee and the
purchaser. 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.