The bill amends the Texas Property Code to clarify the definitions of "substitute trustee" and "trustee" in relation to the power of sale under a contract lien on real property. Specifically, it expands the definition of "substitute trustee" to include not only individuals but also corporations, organizations, governmental entities, and other legal entities. Similarly, the definition of "trustee" is updated to encompass a broader range of entities beyond just individuals, allowing for various forms of organizations and legal entities to be authorized to exercise the power of sale.

These changes aim to modernize the language of the law and reflect the diverse types of entities that may be involved in real estate transactions. The bill will take effect immediately upon receiving a two-thirds vote from both houses of the legislature; otherwise, it will become effective on September 1, 2025.

Statutes affected:
Introduced: Property Code 51.0001 (Property Code 51)
House Committee Report: Property Code 51.0001 (Property Code 51)