Texas Finance Code

§ 186.227 — ASSETS DISCOVERED AFTER CLOSE OF RECEIVERSHIP

FI § 186.227Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part F. TRUST COMPANIES · Ch. 186. DISSOLUTION AND RECEIVERSHIP · Art. C. INVOLUNTARY DISSOLUTION AND LIQUIDATION

Statute text

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(a)The banking commissioner shall report to the court discovery of an asset having value that:

(1)the banking commissioner discovers after the receivership was closed by final order of the court; and

(2)was abandoned as worthless or unknown during receivership.

(b)The court may reopen the receivership proceeding for continued liquidation if the value of the after-discovered assets justifies the reopening.

(c)If the banking commissioner suspects that the information concerning after-disclosed assets may have been intentionally or fraudulently concealed, the banking commissioner shall notify appropriate civil and criminal authorities to determine any applicable penalties.

Legislative history

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