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State Law
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Texas Finance Code - Chapter 36 Dissolution And ReceivershipLegal Research Home > Texas Lawyer > Finance Code > Texas Finance Code - Chapter 36 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 bank; or (2) ... (a) The banking commissioner without court action may tender a state bank that has been closed for liquidation to the Federal Deposit Insurance Corporation or ... (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 bank in the process of voluntary or involuntary dissolution and liquidation is acting as trustee, guardian, executor, administrator, or escrow agent, ... (a) A state bank may initiate voluntary dissolution and surrender its charter as provided by this subchapter: (1) with the approval of the banking commissioner; ... After resolutions to dissolve and liquidate a state bank have been adopted by the bank's board and shareholders or participants, a majority of the directors, ... The banking commissioner shall review the documentation submitted under Section 36.102 and conduct any necessary investigation or examination. If the proceedings appear to have been ... (a) A state bank initiating voluntary dissolution shall publish notice of its pending dissolution in a newspaper of general circulation in each community where its ... (a) A contract between the bank and a person for bailment, of deposit for hire, or for lease of a safe, vault, or box ceases ... Unless the banking commissioner directs or consents otherwise, the home office and all branch offices of a state bank initiating voluntary dissolution shall remain open ... (a) As soon after publication of the notice of dissolution as is practicable, the bank shall: (1) terminate all fiduciary positions it holds; (2) surrender ... (a) After the bank has taken all of the actions specified by Sections 36.102, 36.105, and 36.107, paid all its debts and obligations, and transferred ... A state bank in the process of voluntary dissolution and liquidation remains subject to this subtitle and Chapters 11 and 12, including provisions for examination ... The banking commissioner may authorize a deviation from the procedures for voluntary dissolution in this subchapter if the banking commissioner determines that the interests of ... The banking commissioner may close a state bank for involuntary dissolution and liquidation under this chapter if the banking commissioner determines that: (1) the voluntary ... After a state bank's charter has been voluntarily surrendered and canceled, the bank may not resume business or reopen except on application for and approval ... (a) The banking commissioner may close and liquidate a state bank on finding that: (1) the interests of the bank's depositors and creditors are jeopardized ... (a) After closing a state bank under Section 36.201, the banking commissioner shall place a sign at its main entrance stating that the bank has ... (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 bank, acting through a majority of its directors, managers, or managing participants, may intervene in an action filed by the banking commissioner ... (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 bank records and the adequacy of staffing, the receiver shall prepare a comprehensive inventory of the ... (a) The receiver has the title to all the bank's property, contracts, and rights of action, wherever located, beginning on the date the bank is ... The rights and liabilities of the bank in liquidation and of a depositor, creditor, officer, director, manager, managing participant, employee, shareholder, participant, participant-transferee, agent, or ... (a) The receiver may deposit money collected on behalf of the bank estate in: (1) the Texas Treasury Safekeeping Trust Company in accordance with procedures ... (a) A judgment or order of a court of this state or of another jurisdiction in an action pending by or against the bank, rendered ... (a) Except as otherwise provided by this section, the court in which the receivership proceeding is pending under this subchapter has exclusive jurisdiction to hear ... (a) Each bank affiliate, officer, director, manager, managing participant, shareholder, participant, participant-transferee, trustee, agent, servant, employee, attorney, attorney-in-fact, or correspondent shall immediately deliver to the ... (a) On application by the receiver, the court with or without notice may issue an injunction: (1) restraining a bank officer, director, manager, managing participant, ... (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 bank is ... (a) A transfer of or lien on the property or assets of a state bank is voidable by the receiver if the transfer or lien: ... 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 bank, the receiver on order of the court entered with or without hearing may: (1) sell all or part of the ... 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 bank in liquidation; ... The court may order an audit of the books and records of the receiver that relate to the receivership. A report of an audit ordered ... (a) A contract between the bank and another person for bailment, of deposit for hire, or for lease of a safe, vault, or box ceases ... (a) As soon after beginning the receivership proceeding as is practicable, the receiver shall: (1) terminate all fiduciary positions the bank holds; (2) surrender all ... (a) On approval by the court, the receiver may dispose of records of the bank in liquidation that are obsolete and unnecessary to the continued ... (a) A record of a bank in liquidation obtained by the receiver and held in the course of the receivership proceeding or a certified copy ... (a) A state bank closed under Section 36.201 may not be reopened without the approval of the banking commissioner unless a contest of liquidation under ... (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 bank in liquidation before the date the bank was closed for liquidation may not be given higher priority ... (a) The owner of a secured claim against a bank in liquidation may: (1) surrender the security and file a claim as a general creditor; ... (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 date for objection to an approved claim. On or before that date a depositor, creditor, other claimant, ... (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 bank the deposits of which are insured by the Federal Deposit Insurance Corporation or its successor ... (a) The priority of distribution of assets from the estate of a bank the deposits of which are not insured by the Federal Deposit Insurance ... (a) If bank assets remain after the receiver has provided for unclaimed distributions and all of the liabilities of the bank in liquidation, the receiver ... After completion of the liquidation, any unclaimed property remaining in the hands of the receiver shall be tendered to the comptroller as provided by Chapter ... Last modified: August 10, 2007 |