Sec. 11.406. RECEIVERS: QUALIFICATIONS, POWERS, AND DUTIES. (a) A receiver appointed under this chapter:
(1) must be an individual citizen of the United States or an entity authorized to act as receiver;
(2) shall give a bond in the amount required by the court and with any sureties as may be required by the court;
(3) may sue and be sued in the receiver's name in any court;
(4) has the powers and duties provided by other laws applicable to receivers; and
(5) has the powers and duties that are stated in the order appointing the receiver or that the appointing court:
(A) considers appropriate to accomplish the objectives for which the receiver was appointed; and
(B) may increase or diminish at any time during the proceedings.
(b) To be appointed a receiver under this chapter, a foreign entity must be registered to transact business in this state.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
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