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Texas Finance Code - Section 36.203. Nature And Duration Of Receivership

Legal Research Home > Texas Lawyer > Finance Code > Texas Finance Code - Section 36.203. Nature And Duration Of Receivership

§ 36.203. NATURE AND DURATION OF RECEIVERSHIP.  (a) The 
court may not require a bond from the banking commissioner as 
receiver.
	(b)  A reference in this chapter to the receiver is a 
reference to the banking commissioner as receiver and to any 
successor in office, the Federal Deposit Insurance Corporation if 
acting as receiver as provided by Section 36.003 and federal law, or 
an independent receiver appointed at the request of the banking 
commissioner as provided by Section 36.004.
	(c)  The receiver has all the powers of the directors, 
managers, managing participants, officers, and shareholders or 
participants of the bank as necessary to support an action taken on 
behalf of the bank.
	(d)  The receiver and all employees and agents acting on 
behalf of the receiver are acting in an official capacity and are 
protected by Section 12.106.  An act of the receiver is an act of the 
bank in liquidation.  This state or a political subdivision of this 
state is not liable and may not be held accountable for any debt or 
obligation of a state bank in receivership.
	(e)  Section 64.072, Civil Practice and Remedies Code, 
applies to the receivership of a bank except as provided by this 
subsection.  A bank receivership shall be administered continuously 
for the length of time necessary to complete its purposes, and a 
period prescribed by other law limiting the time for the 
administration of a receivership or of corporate affairs generally, 
including Section 64.072(d), Civil Practice and Remedies Code, does 
not apply.

Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.                   

Last modified: August 10, 2007