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Texas Insurance Code - Not Codified - Section 21A.208. Claims Of Holders Of Void Or Voidable Rights

Legal Research Home > Texas Lawyer > Insurance Code - Not Codified > Texas Insurance Code - Not Codified - Section 21A.208. Claims Of Holders Of Void Or Voidable Rights

Sec. 21A.208. CLAIMS OF HOLDERS OF VOID OR VOIDABLE
RIGHTS.  (a) A claim of a creditor who has received or acquired a
preference, lien, conveyance, transfer, assignment, or encumbrance
voidable under this chapter may not be allowed unless the creditor
surrenders the preference, lien, conveyance, transfer, assignment,
or encumbrance.  If the avoidance is effected by a proceeding in
which a final judgment has been entered, the claim may not be
allowed unless the money is paid or the property is delivered to the
receiver not later than the 30th day after the date of the entering
of the final judgment, except that the receivership court may allow
further time if there is an appeal or other continuation of the
proceeding.
	(b)  A claim allowable under Subsection (a) by reason of the
avoidance, whether voluntary or involuntary, or a preference, lien,
conveyance, transfer, assignment, or encumbrance, may be filed as
an excused late filing under Section 21A.251(b) if filed not later
than the 30th day after the date of the avoidance, or within the
further time allowed by the receivership court under Subsection
(a).

Added by Acts 2005, 79th Leg., ch. 995, Sec. 1, eff. Sept. 1, 2005.

Last modified: August 11, 2007