Texas Finance Code

§ 123.111 — RIGHT TO ACT TO MITIGATE OR AVOID LOSS

FI § 123.111Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 123. GENERAL POWERS · Art. B. OPERATIONAL POWERS

Statute text

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This subtitle does not prohibit a credit union from investing its money, operating a business, managing or dealing in property, or taking any other action at any time that is reasonably necessary to avoid or mitigate a loss on a loan or on an investment made or obligation created in good faith and in the usual course of the credit union's business, as authorized by this subtitle or a rule adopted by the commission.

Legislative history

Added by Acts 2003, 78th Leg., ch. 533, Sec. 35, eff. Sept. 1, 2003.