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House Bill 2738 |
House Author: Solomons |
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Effective: 6-15-07 |
Senate Sponsor: Harris |
State law requires that certain notification be given at least 21 days before the sale of real property under a contract lien at a public auction, including by posting a written notice at the courthouse door of each county in which the property is located and filing a copy of that notice with the county clerk of each of those counties. House Bill 2738 amends the Property Code to provide that, if the courthouse or county clerk's office has been closed because of a natural disaster, inclement weather, or another act of God, the written notice may be posted or filed up to 48 hours after the office reopens. The bill prohibits a sale that takes place in an area other than at the courthouse of a county where the property is located, as designated by the county's commissioners court, from being held before the 90th day after the designation is recorded. In addition, the bill allows more than one person authorized as a trustee to exercise the power of sale under a security instrument, clarifies the qualifications for a trustee, and requires that the purchase price in a sale held by a trustee be payable immediately on acceptance of the bid by the trustee or a substitute trustee.