Texas Insurance Code - Section 442.103. Title To Assets; Priority Of Receiver's Rights
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§ 442.103. TITLE TO ASSETS; PRIORITY OF RECEIVER'S
RIGHTS. (a) The assets of an insurer that is the subject of a
delinquency proceeding are in the custody of the court as of the
date of the commencement of the proceeding.
(b) The receiver is vested by operation of law with the
title to all of the insurer's property, contracts, and rights of
action, wherever located, as of the date a court order is entered
directing possession to be taken. The title of the receiver relates
back to the date of the commencement of the delinquency proceeding
unless the court provides otherwise.
(c) A contractual lien or statutory landlord's lien under
Chapter 54, Property Code, that arises after the date of the
commencement of the delinquency proceeding is secondary and
inferior to the rights of the receiver.
(d) The filing or recording of an order described by
Subsection (b) in any record office of the state provides the same
notice as would be provided by a deed, bill of sale, or other
evidence of title filed or recorded by the insurer.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 442.052 442.053 442.054 442.055 442.056 442.101 442.102 442.103 442.104 442.105 442.106 442.107 442.108 442.109 442.110
Last modified: August 11, 2007
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