By: Solomons (Senate Sponsor - Seliger) H.B. No. 655
(In the Senate - Received from the House April 27, 2009;
May 1, 2009, read first time and referred to Committee on
Jurisprudence; May 14, 2009, reported favorably by the following
vote: Yeas 5, Nays 0; May 14, 2009, sent to printer.)
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 within such
reasonable time as may be agreed upon by the purchaser and the
trustee or substitute trustee if the purchaser makes such request
for additional time to deliver the purchase price [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.
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