Texas Finance Code - Section 66.309. Payment Of Final Dividend
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§ 66.309. PAYMENT OF FINAL DIVIDEND. (a) The liquidating
agent may not pay a final dividend before the first day of the 19th
month after the date notice is first published under Section
66.304.
(b) The liquidating agent shall declare and pay a final
dividend after:
(1) the period provided by Subsection (a) expires;
and
(2) the liquidating agent liquidates each asset of the
association capable of being liquidated or receives sufficient
money from the liquidation to:
(A) pay the costs of the liquidation;
(B) pay all claims that have been presented and
established; and
(C) leave money available to pay all nonclaiming
depositors and creditors of the association.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 66.302 66.303 66.304 66.305 66.306 66.307 66.308 66.309 66.310 66.311 66.312 66.313 66.314 66.315 66.316
Last modified: August 10, 2007
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