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Texas Finance Code - Section 66.303. Duties Of Liquidating Agent

Legal Research Home > Texas Lawyer > Finance Code > Texas Finance Code - Section 66.303. Duties Of Liquidating Agent

§ 66.303. DUTIES OF LIQUIDATING AGENT.  (a) Under the 
commissioner's supervision, the liquidating agent shall:
		(1)  receive and take possession of the books, records, 
assets, and property of the association;
		(2)  sell, enforce collection of, and liquidate the 
assets and property of the association;
		(3)  sue in the name of the liquidating agent or the 
association;           
		(4)  defend an action brought against the liquidating 
agent or the association;
		(5)  receive, examine, and pass on a claim brought 
against the association, including a claim of a depositor;
		(6)  make distributions to and pay creditors, 
depositors, shareholders, and members of the association as their 
interests appear;
		(7)  from time to time make a ratable liquidation 
dividend on claims that have been proved to the satisfaction of the 
association's board of directors or the liquidating agent or that 
have been adjusted by a court;
		(8)  after the association's assets have been 
liquidated, make further liquidation dividends on claims 
previously proved or adjusted;  and
		(9)  execute documents and perform any other action 
that the liquidating agent considers necessary or desirable to the 
liquidation.
	(b)  For purposes of making a further liquidation dividend 
under Subsections (a)(7) and (8), the liquidating agent may accept 
the statement of an amount due a claimant as shown on the 
association's books and records instead of a formal proof of claim 
filed on the claimant's behalf.

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

Last modified: August 10, 2007