Texas Insurance Code - Not Codified - Section 21A.203. Unauthorized Post-Petition Transfers
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Sec. 21A.203. UNAUTHORIZED POST-PETITION TRANSFERS. (a)
Except as provided by this section, the receiver may avoid any
transfer of an interest of the insurer in property or any obligation
incurred by the insurer that:
(1) was made or occurred after the petition for receivership
was filed; and
(2) is not authorized by the receiver and approved by the
receivership court or otherwise authorized in accordance with this
chapter.
(b) Except to the extent that a transfer or obligation
avoidable under Subsection (a) is otherwise voidable under this
chapter, a transferee or obligee of a transfer or obligation
avoided under Subsection (a) that takes for value and in good faith,
at the option of the receivership court, has a lien or may retain
any interest transferred or enforce any obligation incurred, as
applicable, to the extent that the transferee or obligee gave value
to the insurer in exchange for the transfer or obligation.
Added by Acts 2005, 79th Leg., ch. 995, Sec. 1, eff. Sept. 1, 2005.
Section: 21A.152 21A.153 21A.154 21A.155 21A.156 21A.201 21A.202 21A.203 21A.204 21A.205 21A.206 21A.207 21A.208 21A.209 21A.210
Last modified: August 11, 2007
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