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Texas Finance Code - Section 66.307. Action On Claim

Legal Research Home > Texas Lawyer > Finance Code > Texas Finance Code - Section 66.307. Action On Claim

§ 66.307. ACTION ON CLAIM.  (a) Within three months after 
the date of receipt of a claim against an association being 
liquidated, the liquidating agent shall approve or reject the claim 
in whole or in part, unless that period is extended by written 
agreement with the claimant.
	(b)  A liquidating agent who approves the claim or a part of 
the claim shall classify the claim and enter the claim and the 
action taken in a claim register.
	(c)  A liquidating agent who rejects the claim in whole or in 
part, or who denies a right of payment priority or any other right 
asserted by the claimant, shall notify the claimant of the action by 
registered mail.
	(d)  An approved claim presented after the declaration and 
payment of any dividend and on or before the last day of the 18th 
month after the date on which notice is first published under 
Section 66.304 qualifies to participate in dividends previously 
paid before an additional dividend is declared.  A claim that was 
not presented during that period does not qualify to participate in 
a dividend or distribution of assets until all approved claims 
filed during that period are fully paid.

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

Last modified: August 10, 2007