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A BILL TO BE ENTITLED
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AN ACT
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relating to the persons authorized or appointed to exercise the |
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power of sale under the terms of a contract lien on real property. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 51.0001(7) and (8), Property Code, are |
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amended to read as follows: |
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(7) "Substitute trustee" means an individual, |
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corporation, organization, government or governmental subdivision |
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or agency, business trust, estate, trust, partnership, |
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association, or other legal entity [a person] appointed by the |
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current mortgagee or mortgage servicer under the terms of the |
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security instrument to exercise the power of sale. |
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(8) "Trustee" means an individual, corporation, |
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organization, government or governmental subdivision or agency, |
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business trust, estate, trust, partnership, association, or other |
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legal entity [a person or persons] authorized to exercise the power |
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of sale under the terms of a security instrument in accordance with |
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Section 51.0074. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect on the 91st day after the last day of the |
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legislative session. |