| 1 | 1 | | H.B. No. 655 |
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| 2 | 2 | | |
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| 3 | 3 | | |
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| 4 | 4 | | AN ACT |
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| 5 | 5 | | relating to payment to a trustee or substitute trustee after public |
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| 6 | 6 | | sale of foreclosed property. |
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| 7 | 7 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 8 | 8 | | SECTION 1. Section 51.0075(f), Property Code, is amended to |
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| 9 | 9 | | read as follows: |
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| 10 | 10 | | (f) The purchase price in a sale held by a trustee or |
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| 11 | 11 | | substitute trustee under this section is due and payable without |
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| 12 | 12 | | delay [immediately] on acceptance of the bid or within such |
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| 13 | 13 | | reasonable time as may be agreed upon by the purchaser and the |
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| 14 | 14 | | trustee or substitute trustee if the purchaser makes such request |
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| 15 | 15 | | for additional time to deliver the purchase price [by the trustee or |
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| 16 | 16 | | substitute trustee]. The trustee or substitute trustee shall |
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| 17 | 17 | | disburse the proceeds of the sale as provided by law. |
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| 18 | 18 | | SECTION 2. This Act takes effect September 1, 2009. |
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| 19 | 19 | | ______________________________ ______________________________ |
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| 20 | 20 | | President of the Senate Speaker of the House |
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| 21 | 21 | | I certify that H.B. No. 655 was passed by the House on April |
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| 22 | 22 | | 24, 2009, by the following vote: Yeas 137, Nays 0, 1 present, not |
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| 23 | 23 | | voting. |
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| 24 | 24 | | ______________________________ |
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| 25 | 25 | | Chief Clerk of the House |
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| 26 | 26 | | I certify that H.B. No. 655 was passed by the Senate on May |
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| 27 | 27 | | 21, 2009, by the following vote: Yeas 31, Nays 0. |
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| 28 | 28 | | ______________________________ |
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| 29 | 29 | | Secretary of the Senate |
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| 30 | 30 | | APPROVED: _____________________ |
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| 31 | 31 | | Date |
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| 32 | 32 | | _____________________ |
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| 33 | 33 | | Governor |
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