Texas Insurance Code - Section 422.054. Preferential Claims On Liquidation
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§ 422.054. PREFERENTIAL CLAIMS ON LIQUIDATION. If an
insurer is involuntarily or voluntarily liquidated, a claimant of
the insurer has a prior and preferential claim against all assets of
the insurer other than the assets that have been pledged or
encumbered in accordance with this chapter. All claimants have
equal status, and their prior and preferential claim is superior to
any claim or cause of action against the insurer by any other
person, corporation, association, or legal entity.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 422.003 422.004 422.005 422.006 422.051 422.052 422.053 422.054 423.001 423.002 423.003 423.051 423.052 423.053 423.101
Last modified: August 11, 2007
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