Texas Insurance Code - Section 442.251. Certain Transfers Or Liens Voidable
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§ 442.251. CERTAIN TRANSFERS OR LIENS VOIDABLE. A
transfer of or lien on the assets of an insurer is voidable if the
transfer or lien was:
(1) made or created:
(A) within four months before the date of the
commencement of the delinquency proceeding; and
(B) with the intent of giving to a creditor or
enabling the creditor to obtain a greater percentage of the
creditor's debt than is to be given to or obtained by another
creditor of the same class; and
(2) accepted by the creditor having reasonable cause
to believe that a preference described by Subdivision (1)(B) would
occur.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 442.204 442.205 442.206 442.207 442.208 442.209 442.210 442.251 442.252 442.253 442.301 442.302 442.303 442.304 442.351
Last modified: August 10, 2007
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