Public-domain · open source
OpenJurist

Tex. Fin. Code § 36.004

APPOINTMENT OF INDEPENDENT RECEIVER

Known as the Texas Banking Act

The act spans §§ 31–59 (247 sections).

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff

(a) On request of the banking commissioner, the court in which a liquidation proceeding is pending may:

(1) appoint an independent receiver; and

(2) require a suitable bond of the independent receiver.

(b) On appointment of an independent receiver, the banking commissioner is discharged as receiver and remains a party to the liquidation proceeding with standing to initiate or contest any motion. The views of the banking commissioner are entitled to deference unless they are inconsistent with the plain meaning of this chapter.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.