Texas Finance Code - Section 36.216. Preferences
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§ 36.216. PREFERENCES. (a) A transfer of or lien on the
property or assets of a state bank is voidable by the receiver if
the transfer or lien:
(1) was made or created less than:
(A) four months before the date the bank is
closed for liquidation; or
(B) one year before the date the bank is closed
for liquidation if the receiving creditor was at the time an
affiliate, officer, director, manager, managing participant,
principal shareholder, or participant of the bank or an affiliate
of the bank;
(2) was made or created with the intent of giving to a
creditor or depositor, or enabling a creditor or depositor to
obtain, a greater percentage of the claimant's debt than is given or
obtained by another claimant of the same class; and
(3) is accepted by a creditor or depositor having
reasonable cause to believe that a preference will occur.
(b) Each bank officer, director, manager, managing
participant, shareholder, participant, participant-transferee,
trustee, agent, servant, employee, attorney-in-fact, or
correspondent, or other person acting on behalf of the bank, who has
participated in implementing a voidable transfer or lien, and each
person receiving property or the benefit of property of the bank as
a result of the voidable transfer or lien, are personally liable for
the property or benefit received and shall account to the receiver
for the benefit of the depositors and creditors of the bank.
(c) The receiver may avoid a transfer of or lien on the
property or assets of a bank that a depositor, creditor,
shareholder, participant, or participant-transferee of the bank
could have avoided and may recover the property transferred or its
value from the person to whom it was transferred or from a person
who has received it unless the transferee or recipient was a bona
fide holder for value before the date the bank was closed for
liquidation.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 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 36.223
Last modified: August 10, 2007
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