Texas Insurance Code - Section 442.109. Borrowing On Pledge Of Assets
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§ 442.109. BORROWING ON PLEDGE OF ASSETS. (a) To
facilitate the rehabilitation, liquidation, conservation, or
dissolution of an insurer under this chapter, the receiver may,
subject to the approval of the court:
(1) borrow money;
(2) execute, acknowledge, and deliver a note or other
evidence of indebtedness for the loan;
(3) secure the repayment of the loan by the mortgage,
pledge, assignment, or transfer in trust of any or all of the
insurer's property; and
(4) take any other action necessary and proper to
obtain and provide for the repayment of the loan.
(b) The receiver is not under any obligation in the person's
personal capacity or official capacity as receiver to repay any
loan made under this section.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 442.102 442.103 442.104 442.105 442.106 442.107 442.108 442.109 442.110 442.111 442.112 442.113 442.114 442.115 442.116
Last modified: August 10, 2007
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