This subtitle does not prohibit a credit union from investing its money, operating a business, managing or dealing in property, or taking any other action at any time that is reasonably necessary to avoid or mitigate a loss on a loan or on an investment made or obligation created in good faith and in the usual course of the credit union's business, as authorized by this subtitle or a rule adopted by the commission.
Tex. Fin. Code § 123.111
RIGHT TO ACT TO MITIGATE OR AVOID LOSS
Known as the Texas Credit Union Act
The act spans §§ 121.001 to 149.002 (219 sections).
Added by Acts 2003, 78th Leg., ch. 533, Sec. 35, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.