Texas Finance Code - Section 36.227. Assets Discovered After Close Of Receivership
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Texas Lawyer > Finance Code > Texas Finance Code - Section 36.227. Assets Discovered After Close Of Receivership
§ 36.227. ASSETS DISCOVERED AFTER CLOSE OF
RECEIVERSHIP. (a) The banking commissioner shall report to the
court discovery of an asset having value that:
(1) the banking commissioner discovers after the
receivership was closed by final order of the court; and
(2) was abandoned as worthless or unknown during the
receivership.
(b) The court may reopen the receivership proceeding for
continued liquidation if the value of the asset justifies the
reopening.
(c) If the banking commissioner suspects that the
information may have been intentionally or fraudulently concealed,
the banking commissioner shall notify appropriate civil and
criminal authorities to determine any applicable penalties.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 36.220 36.221 36.222 36.223 36.224 36.225 36.226 36.227 36.301 36.302 36.303 36.304 36.305 36.306 36.307
Last modified: August 10, 2007
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