Texas Finance Code - Section 66.356. Title And Custody Of Association's Assets
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§ 66.356. TITLE AND CUSTODY OF ASSOCIATION'S ASSETS. (a)
The property and assets of the association are in the custody of the
court from the date the receivership begins.
(b) The receiver and a receiver's successor in office have
title to all property, contracts, and rights of action of the
association, wherever located, beginning on the date the order
directing the receiver to take possession is entered. The title of
the receiver relates back to the date the liquidation of the
association begins unless the court provides otherwise.
(c) The filing or recording of the order in a record office
of the state has the same effect for notice purposes as a filed or
recorded deed, bill of sale, or other evidence of title.
(d) If the court considers it desirable to protect the
assets of the association, the court may require a bond from the
receiver, in an amount set by the court, to be paid from the
association's assets.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 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 67.003 67.004
Last modified: August 10, 2007
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