Sec. 2602.101. GENERAL POWERS AND DUTIES. (a) In addition to the other powers and duties provided by this chapter, the association may:
(1) borrow money as necessary to implement this chapter according to the plan of operation;
(2) lend money to an impaired title insurance company;
(3) sue and be sued, including taking any legal action necessary or proper to recover an unpaid assessment;
(4) enter into contracts as necessary or proper to implement this chapter;
(5) ensure payment of the policy obligations of an impaired title insurance company;
(6) negotiate and contract with a rehabilitator, conservator, receiver, or ancillary receiver to exercise the powers and perform the duties of the association;
(7) guarantee, assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, a policy or contract of an impaired title insurance company;
(8) take legal action necessary to avoid the payment of improper claims or to settle claims or potential claims against an impaired title insurance company or the association; and
(9) perform any other acts as necessary or proper to implement this chapter.
(b) The association has standing to appear before a court in this state with jurisdiction over an impaired title insurance company or agent concerning which the association is or may become obligated under this chapter.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.
Section: Previous 2602.012 2602.051 2602.052 2602.053 2602.054 2602.055 2602.057 2602.101 2602.102 2602.103 2602.104 2602.105 2602.106 2602.107 2602.108 NextLast modified: September 28, 2016