Texas Finance Code - Section 66.354. Effect Of Receivership On Commissioner And Liquidating Agent
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Texas Laws > Finance Code > Texas Finance Code - Section 66.354. Effect Of Receivership On Commissioner And Liquidating Agent
Section: 66.314 66.315 66.316 66.317 66.351 66.352 66.353 66.354 66.355 66.356 66.401 66.402 66.403 67.001 67.002
§ 66.354. EFFECT OF RECEIVERSHIP ON COMMISSIONER AND
LIQUIDATING AGENT. (a) On appointment of the receiver, the
commissioner and liquidating agent are discharged from further duty
in connection with the administration or regulation of the affairs
of the association and are not liable, individually or in an
official capacity, for an action or a failure to act while the
association was in liquidation under this chapter.
(b) The appointment or the action of a receiver under this
subchapter does not invalidate an authorized action taken by the
liquidating agent under Subchapter G. The prior action of the
liquidating agent is considered valid as if the action had been
approved by the court in the receivership proceedings.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Last modified: August 11, 2007