| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to payment to a trustee or substitute trustee after public |
|
|
sale of foreclosed property. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 51.0075(f), Property Code, is amended to |
|
|
read as follows: |
|
|
(f) The purchase price in a sale held by a trustee or |
|
|
substitute trustee under this section is payable within one hour |
|
|
after [immediately on] acceptance of the bid by the trustee or |
|
|
substitute trustee. The trustee or substitute trustee shall |
|
|
disburse the proceeds of the sale as provided by law. |
|
|
SECTION 2. This Act takes effect September 1, 2009. |