Texas Finance Code - Section 66.254. Effect Of Closing
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Texas Lawyer > Finance Code > Texas Finance Code - Section 66.254. Effect Of Closing
§ 66.254. EFFECT OF CLOSING. (a) On closing an
association under this subchapter, the commissioner may:
(1) liquidate the association as provided by
Subchapter E; or
(2) tender the association's assets and all the
association's affairs to the Federal Deposit Insurance Corporation
and appoint the Federal Deposit Insurance Corporation as receiver
or liquidating agent to act in accordance with this chapter or
federal law.
(b) The Federal Deposit Insurance Corporation on accepting
the tender and appointment prescribed by Subsection (a)(2) may:
(1) act without bond or other security as to the
appointment; and
(2) without court supervision, exercise any right,
power, or privilege provided by the laws of this state to a receiver
or liquidating agent, as applicable, and any applicable right,
power, or privilege available under federal law.
(c) On acceptance of the appointment prescribed by
Subsection (a)(2), possession of and title to all the assets,
business, and property of the association pass to the Federal
Deposit Insurance Corporation without the execution of any
instrument transferring title or right of use.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 66.157 66.201 66.202 66.203 66.251 66.252 66.253 66.254 66.255 66.301 66.302 66.303 66.304 66.305 66.306
Last modified: August 10, 2007
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