Texas Finance Code

§ 126.304 — LIQUIDATION DIVIDENDS

FI § 126.304Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 126. CREDIT UNION SUPERVISION AND REGULATION · Art. G. CLAIMS RELATING TO CREDIT UNION IN LIQUIDATION

Statute text

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(a)The liquidating agent from time to time shall make a ratable liquidation dividend on claims that have been:

(1)proved to the satisfaction of the board or the liquidating agent; or

(2)adjusted by a court.

(b)After the credit union's assets have been liquidated, the liquidating agent shall make further liquidation dividends on claims previously proved or adjusted.

(c)For purposes of making a further liquidation dividend under Subsection (b), the liquidating agent may accept the statement of an amount due a claimant as shown on the credit union's books and records instead of a formal proof of claim filed on the claimant's behalf.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.