Texas Insurance Code - Section 422.053. Claimant Lien On Certain Assets
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Texas Lawyer > Insurance Code > Texas Insurance Code - Section 422.053. Claimant Lien On Certain Assets
§ 422.053. CLAIMANT LIEN ON CERTAIN ASSETS. (a) A
person, corporation, association, or other legal entity that
accepts as security for an insurer's debt or other obligation a
pledge or encumbrance of an asset of the insurer that is not made in
accordance with this chapter is considered to have accepted the
asset subject to a superior, preferential, and automatically
perfected lien in favor of a claimant of the insurer.
(b) Subsection (a) does not apply to an asset of an insurer
in conservatorship or receivership if the commissioner in the
conservatorship proceeding, or the court in which the receivership
is pending, approves the pledge or encumbrance of the asset.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 422.002 422.003 422.004 422.005 422.006 422.051 422.052 422.053 422.054 423.001 423.002 423.003 423.051 423.052 423.053
Last modified: August 11, 2007
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