Texas Finance Code - Section 66.306. Priority Of Claims
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Texas Lawyer > Finance Code > Texas Finance Code - Section 66.306. Priority Of Claims
§ 66.306. PRIORITY OF CLAIMS. On liquidation of an
association, claims for payment have the following priority:
(1) obligations incurred by the commissioner or the
liquidating agent, fees and assessments due the Savings and Loan
Department, and expenses of liquidation, all of which may be
covered by the proper reserve of money;
(2) approved claims of creditors, to the extent that
the claims are secured by, or constitute a lien on, the assets or
property of the association;
(3) approved claims of depositors against the general
liquidating account of the association;
(4) approved claims of general creditors and the
unsecured portion of a creditor obligation described by Subdivision
(2);
(5) otherwise approved claims that were not filed
within the time prescribed by Section 66.305;
(6) approved claims of subordinated creditors; and
(7) claims of shareholders of the association.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 66.254 66.255 66.301 66.302 66.303 66.304 66.305 66.306 66.307 66.308 66.309 66.310 66.311 66.312 66.313
Last modified: August 10, 2007
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