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