Texas Business & Commerce Code

§ 23.33 — NONCONSENTING CREDITOR'S RIGHT TO SURPLUS

BC § 23.33Title 3. INSOLVENCY, FRAUDULENT TRANSFERS, AND FRAUD · Ch. 23. ASSIGNMENTS FOR THE BENEFIT OF CREDITORS · Art. D. DUTIES AND RIGHTS OF CREDITORS

Statute text

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If a creditor does not consent to an assignment, he may garnishee the assignee for the excess of the assigned estate remaining in the assignee's possession after the assignee has paid

(1)each consenting creditor the amount of his claim allowed under Section 23.31(b) of this code; and

(2)the expense of carrying out the assignment.

Legislative history

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