Texas Business & Commerce Code

§ 23.18 — REPLACEMENT OF ASSIGNEE

BC § 23.18Title 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)A county or district court of the county in which the assignee resides shall remove or replace the assignee on application of the assigning debtor or a creditor, or on its own motion,

(1)if the court is satisfied that the assignee has not executed and filed the bond required by Sections 23.16(c) and (d) of this code;

(2)if the assignee refuses or fails to serve for any reason; or

(3)for good cause.

(b)On removal, resignation, or death of the assignee, the court shall appoint in writing a new assignee in term time or vacation.

(c)As soon as the new assignee executes and files a bond as required by Sections 23.16(c) and (d) of this code, he shall take possession of the assigned estate and carry out the assignment.

Legislative history

Acts 1967, 60th Leg., p. 2343, ch. 785, Sec. 1.