Texas Finance Code - Section 36.215. Executory Contract; Oral Agreement
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Texas Lawyer > Finance Code > Texas Finance Code - Section 36.215. Executory Contract; Oral Agreement
§ 36.215. EXECUTORY CONTRACT; ORAL AGREEMENT. (a) Not
later than six months after the date the receivership proceeding
begins, the receiver may terminate any executory contract to which
the bank is a party or any obligation of the bank as a lessee. A
lessor who receives notice of the receiver's election to terminate
the lease before the 60th day before the termination date is not
entitled to rent or damages for termination, other than rent
accrued to the date of termination.
(b) An agreement that tends to diminish or defeat the
interest of the estate in a bank asset is not valid against the
receiver unless the agreement:
(1) is in writing;
(2) was executed by the bank and any person claiming an
adverse interest under the agreement, including the obligor, when
the bank acquired the asset;
(3) was approved by the board of the bank or its loan
committee, and the approval is reflected in the minutes of the board
or committee; and
(4) has been continuously since its execution an
official record of the bank.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 36.208 36.209 36.210 36.211 36.212 36.213 36.214 36.215 36.216 36.217 36.218 36.219 36.220 36.221 36.222
Last modified: August 10, 2007
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