| 1 | 1 | | 88S40196 ATP-F |
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| 2 | 2 | | By: Campbell S.B. No. 31 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the persons authorized or appointed to exercise the |
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| 8 | 8 | | power of sale under the terms of a contract lien on real property. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Sections 51.0001(7) and (8), Property Code, are |
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| 11 | 11 | | amended to read as follows: |
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| 12 | 12 | | (7) "Substitute trustee" means an individual, |
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| 13 | 13 | | corporation, organization, government or governmental subdivision |
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| 14 | 14 | | or agency, business trust, estate, trust, partnership, |
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| 15 | 15 | | association, or other legal entity [a person] appointed by the |
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| 16 | 16 | | current mortgagee or mortgage servicer under the terms of the |
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| 17 | 17 | | security instrument to exercise the power of sale. |
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| 18 | 18 | | (8) "Trustee" means an individual, corporation, |
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| 19 | 19 | | organization, government or governmental subdivision or agency, |
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| 20 | 20 | | business trust, estate, trust, partnership, association, or other |
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| 21 | 21 | | legal entity [a person or persons] authorized to exercise the power |
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| 22 | 22 | | of sale under the terms of a security instrument in accordance with |
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| 23 | 23 | | Section 51.0074. |
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| 24 | 24 | | SECTION 2. This Act takes effect immediately if it receives |
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| 25 | 25 | | a vote of two-thirds of all the members elected to each house, as |
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| 26 | 26 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 27 | 27 | | Act does not receive the vote necessary for immediate effect, this |
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| 28 | 28 | | Act takes effect on the 91st day after the last day of the |
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| 29 | 29 | | legislative session. |
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