Texas Business & Commerce Code
§ 23.16 — ASSIGNEE'S QUALIFICATIONS, DUTY TO RECORD ASSIGNMENT, AND BOND
BC § 23.16Title 3. INSOLVENCY, FRAUDULENT TRANSFERS, AND FRAUD · Ch. 23. ASSIGNMENTS FOR THE BENEFIT OF CREDITORS · Art. C. DUTIES AND RIGHTS OF ASSIGNEE
Statute text
View on source(a)An assignee shall be a resident of this state and a resident of the county in which the assigning debtor resides, or in which the assigning debtor's principal business was conducted.
(b)Immediately after the assignment instrument is executed and delivered to him, the assignee shall record it in the county of his residence and in each county in which there is real property conveyed to the assignee by the assignment.
(c)Within five days after delivery to him of the assignment instrument, the assignee shall execute a bond
(1)with a surety who must be approved by the judge of either the county or district court in the county of the assignee's residence;
(2)conditioned that he will perform faithfully his duties as assignee and distribute proportionately the net proceeds of the assigned estate to the consenting creditors entitled to it under the assignment;
(3)in an amount fixed by the county or district judge;
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Legislative history
Acts 1967, 60th Leg., p. 2343, ch. 785, Sec. 1.