Texas Finance Code - Section 66.351. Placement Of Certain Associations In Receivership
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§ 66.351. PLACEMENT OF CERTAIN ASSOCIATIONS IN
RECEIVERSHIP. (a) After a final liquidation order has been issued
under Subchapter F or G for an association the deposits of which
are not insured by the Federal Deposit Insurance Corporation or
another state or federal agency, the commissioner or liquidating
agent may apply to a district court of Travis County to appoint a
receiver for the association.
(b) The court shall appoint a receiver if the court finds
substantial evidence that:
(1) the commissioner has met all applicable
requirements of Subchapter F or G for issuing the liquidation
order;
(2) service of the liquidation order has been
completed as provided by Section 66.106; and
(3) the order is a final unappealable order under
Subchapter F or G.
(c) The court shall appoint the liquidating agent appointed
during the liquidation of the association to serve as transitional
receiver during the first 60 days of the receivership. The court
may appoint a different receiver for the remainder of the
receivership.
(d) After the court appoints a receiver, liquidation of the
association under the supervision of the commissioner ends and the
receiver shall liquidate the association under the supervision of
the court.
(e) A receiver is governed by:
(1) Subchapter F, to the extent that subchapter is not
inconsistent with this section;
(2) Subchapter G, other than Sections 66.302 and
66.316, and to the extent that subchapter is not inconsistent with
this section; and
(3) state law applicable to receiverships generally to
the extent the law is not inconsistent with this chapter.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 66.311 66.312 66.313 66.314 66.315 66.316 66.317 66.351 66.352 66.353 66.354 66.355 66.356 66.401 66.402
Last modified: August 10, 2007
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