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A BILL TO BE ENTITLED
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AN ACT
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relating to payment to a trustee or substitute trustee after public |
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sale of foreclosed property. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 51.0075(f), Property Code, is amended to |
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read as follows: |
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(f) The purchase price in a sale held by a trustee or |
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substitute trustee under this section is due and payable without |
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delay [immediately] on acceptance of the bid or, on the purchaser's |
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request, within a reasonable period after acceptance of the bid |
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agreed to by the trustee or substitute trustee and the |
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purchaser. The trustee or substitute trustee shall disburse the |
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proceeds of the sale as provided by law. |
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SECTION 2. This Act takes effect September 1, 2009. |