Texas Finance Code

§ 186.002 — REMEDIES EXCLUSIVE

FI § 186.002Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part F. TRUST COMPANIES · Ch. 186. DISSOLUTION AND RECEIVERSHIP · Art. A. GENERAL PROVISIONS

Statute text

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(a)Unless the banking commissioner so requests, a court may not:

(1)order the closing or suspension of operation of a state trust company; or

(2)appoint for a state trust company a receiver, supervisor, conservator, or liquidator, or other person with similar responsibility.

(b)A person may not be designated receiver, supervisor, conservator, or liquidator without the voluntary approval and concurrence of the banking commissioner.

(c)This chapter prevails over any other conflicting law of this state.

Legislative history

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.