The interest of an assignee or pledgee in transition property and in the revenues and collections arising from that property are not subject to setoff, counterclaim, surcharge, or defense by the electric utility or any other person or in connection with the bankruptcy of the electric utility or any other entity. A financing order shall remain in effect and unabated notwithstanding the bankruptcy of the electric utility, its successors, or assignees.
Tex. Util. Code § 39.305
NO SETOFF
Known as the Public Utility Regulatory Act
The act spans §§ 11–66 (1,170 sections).
Added by Acts 1999, 76th Leg., ch. 405, Sec. 39, 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.