S.B. No. 372 amends the Texas Property Code to broaden the definition of individuals and entities authorized to exercise the power of sale under a contract lien on real property. Specifically, it revises the definitions of "substitute trustee" and "trustee" to include not only individuals but also corporations, organizations, governmental entities, business trusts, estates, partnerships, associations, and other legal entities. The previous language limited these definitions to "a person" or "persons," which has now been removed.

The bill aims to clarify and expand the scope of who can be appointed as a trustee or substitute trustee, thereby enhancing flexibility in the management of real property sales. The act will take effect immediately if it receives a two-thirds majority 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)
Senate Committee Report: Property Code 51.0001 (Property Code 51)
Engrossed: Property Code 51.0001 (Property Code 51)
House Committee Report: Property Code 51.0001 (Property Code 51)
Enrolled: Property Code 51.0001 (Property Code 51)