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State Law
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Texas Finance Code - Chapter 186 Dissolution And ReceivershipLegal Research Home > Texas Lawyer > Finance Code > Texas Finance Code - Chapter 186 Dissolution And Receivership In this chapter, "administrative expense" means: (1) an expense designated as an administrative expense by Subchapter C or D; (2) court costs and expenses of ... (a) Unless the banking commissioner so requests, a court may not: (1) order the closing or suspension of operation of a state trust company; or ... (a) The banking commissioner without court action may tender a state trust company that has been closed for liquidation to the Federal Deposit Insurance Corporation ... (a) On request of the banking commissioner, the court in which a liquidation proceeding is pending may: (1) appoint an independent receiver; and (2) require ... (a) If a state trust company in the process of voluntary or involuntary dissolution and liquidation is acting as trustee, guardian, executor, administrator, or escrow ... (a) A state trust company may initiate voluntary dissolution and surrender its charter as provided by this subchapter: (1) with the approval of the banking ... After resolutions to dissolve and liquidate a state trust company have been adopted by the board and shareholders or participants, a majority of the directors, ... The banking commissioner shall review the documentation submitted under Section 186.102 and conduct any necessary investigation or examination. If the proceedings appear to have been ... (a) A state trust company shall publish notice of its pending dissolution in a newspaper of general circulation in each community where its home office ... (a) A contract between the state trust company and a person for bailment, of deposit for hire, or for the lease of a safe, vault, ... Unless the banking commissioner directs or consents otherwise, the home office and all additional trust offices of a state trust company initiating voluntary dissolution shall ... (a) As soon as practicable after publication of the notice of dissolution, the state trust company shall: (1) terminate all fiduciary positions it holds; (2) ... (a) After the state trust company has taken all of the actions specified by Sections 186.102, 186.104, 186.105, and 186.107, paid all its debts and ... A state trust company in the process of voluntary dissolution and liquidation remains subject to this subtitle, including provisions for examination by the banking commissioner, ... The banking commissioner may authorize a deviation from the procedures for voluntary dissolution provided by this subchapter if the banking commissioner determines that the interests ... The banking commissioner may close the state trust company for involuntary dissolution and liquidation under this chapter if the banking commissioner determines that: (1) the ... After a state trust company's charter has been voluntarily surrendered and canceled, the state trust company may not resume business or reopen except on application ... (a) The banking commissioner may by written order close and liquidate a state trust company on finding that: (1) the interests of its clients and ... (a) After closing a state trust company under Section 186.201, the banking commissioner shall attach to or otherwise display at its main entrance a copy ... (a) The court may not require a bond from the banking commissioner as receiver. (b) A reference in this chapter to the receiver is a ... (a) A state trust company, acting through a majority of its directors, managers, or managing participants, may intervene in an action filed by the banking ... (a) As soon as reasonably practicable after initiation of the receivership proceeding, the receiver shall publish notice, in a newspaper of general circulation in each ... As soon as reasonably practicable given the state of state trust company records and the adequacy of staffing, the receiver shall prepare a comprehensive inventory ... (a) The receiver has the title to all the state trust company's property, contracts, and rights of action, wherever located, beginning on the date the ... The rights and liabilities of the state trust company in liquidation and of a client, creditor, officer, director, manager, managing participant, employee, shareholder, participant, participant-transferee, ... (a) The receiver may deposit money collected on behalf of the state trust company estate in: (1) the Texas Treasury Safekeeping Trust Company in accordance ... (a) A judgment or order of a court of this state or of another jurisdiction in an action pending by or against the state trust ... (a) Except as otherwise provided by this section, the court in which a receivership proceeding is pending under this subchapter has exclusive jurisdiction to hear ... (a) Each state trust company affiliate, officer, director, manager, managing participant, employee, shareholder, participant, participant-transferee, trustee, agent, servant, employee, attorney, attorney-in-fact, or correspondent shall immediately ... (a) On application by the receiver, the court with or without notice may issue an injunction: (1) restraining each state trust company officer, director, manager, ... (a) The receiver may request the court ex parte to issue a subpoena to compel the attendance and testimony of a witness before the receiver ... (a) Not later than six months after the date the receivership proceeding begins, the receiver may terminate any executory contract to which the state trust ... (a) A transfer of or lien on the property or assets of a state trust company is voidable by the receiver if the transfer or ... The receiver may employ agents, legal counsel, accountants, appraisers, consultants, and other personnel the receiver considers necessary to assist in the performance of the receiver's ... (a) In liquidating a state trust company, the receiver on order of the court entered with or without hearing may: (1) sell all or part ... If the court requires notice and hearing before entering an order, the court shall set the time and place of the hearing and prescribe whether ... (a) The receiver shall file with the court: (1) a quarterly report showing the operation, receipts, expenditures, and general condition of the state trust company ... (a) The court may order an audit of the books and records of the receiver that relate to the receivership. A report of an audit ... (a) A contract between the state trust company and another person for bailment, of deposit for hire, or for the lease of a safe, vault, ... (a) As soon after beginning the receivership proceeding as is practicable, the receiver shall: (1) terminate all fiduciary positions the state trust company holds; (2) ... (a) On approval by the court, the receiver may dispose of records of the state trust company in liquidation that are obsolete and unnecessary to ... (a) A record of a state trust company in liquidation obtained by the receiver and held in the course of the receivership proceeding or a ... (a) A state trust company closed under Section 186.201 may not be reopened without the approval of the banking commissioner unless a contest of liquidation ... (a) The banking commissioner shall report to the court discovery of an asset having value that: (1) the banking commissioner discovers after the receivership was ... (a) This section applies only to a claim by a person, other than a shareholder, participant, or participant-transferee acting in that capacity, who has a ... (a) A proof of claim must be in writing, be signed by the claimant, and include: (1) a statement of the claim; (2) a description ... (a) A judgment entered against a state trust company in liquidation before the date the state trust company was closed for liquidation may not be ... (a) The owner of a secured deposit may file a claim as a creditor against a state trust company in liquidation. The value of security ... (a) A claim based on an unliquidated or undetermined demand shall be filed within the period provided by Subchapter C for the filing of a ... (a) Mutual credits and mutual debts shall be set off and only the balance allowed or paid, except that a set-off may not be allowed ... (a) Not later than six months after the last day permitted for the filing of claims or a later date allowed by the court, the ... The receiver with court approval shall set a deadline for an objection to an approved claim. On or before that date a depositor, creditor, other ... (a) The receiver's rejection of a claim may be appealed in the court in which the receivership proceeding is pending. The appeal must be brought ... (a) Except as expressly provided otherwise by this subchapter or Subchapter C, without the approval of the court the receiver may not make a payment ... The distribution of assets from the estate of a state trust company the trust deposits of which are insured by the Federal Deposit Insurance Corporation ... (a) The priority of distribution of assets from the estate of a state trust company the trust deposits of which are not insured by the ... (a) If state trust company assets remain after the receiver has provided for unclaimed distributions and all of the liabilities of the state trust company ... After completion of the liquidation, any unclaimed property remaining with the receiver shall be delivered to the comptroller as provided by Chapter 74, Property Code. ... Last modified: August 10, 2007 |