In a Texas deed of trust, who holds the power of sale?

The borrower (trustor) does not hold the power of sale. In fact, the borrower is the party whose default triggers the foreclosure process. The borrower has possession but not the legal authority to sell the property in this context.

The lender (beneficiary) does not hold the power of sale directly. While the lender benefits from the foreclosure, they must follow the trustee's process outlined in the deed of trust. The lender's role is to initiate the trustee's power of sale, not execute it themselves.

The court does not hold the power of sale in a deed of trust scenario. This is a key distinction between deed of trust arrangements and mortgages. Deeds of trust allow for non-judicial foreclosure, meaning court intervention is not required.