Texas Finance Code
§ 186.304 — SECURED CLAIM
FI § 186.304Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part F. TRUST COMPANIES · Ch. 186. DISSOLUTION AND RECEIVERSHIP · Art. D. CLAIMS AGAINST RECEIVERSHIP ESTATE
Statute text
View on source(a)The owner of a secured deposit may file a claim as a creditor against a state trust company in liquidation. The value of security shall be determined under supervision of the court by converting the security into money.
(b)The owner of a secured claim against a state trust company in liquidation may:
(1)surrender the security and file a claim as a general creditor; or
(2)apply the security to the claim and discharge the claim.
(c)If the owner applies the security and discharges the claim under Subsection (b), any deficiency shall be treated as a claim against the general assets of the state trust company on the same basis as a claim of an unsecured creditor. The amount of the deficiency shall be determined as provided by Section 186.305, except that if the amount of the deficiency has been adjudicated by a court in a proceeding in which the receiver has had notice and an opportunity to be heard, the court's decision is conclusive as to the amount.
(d)The value of security held by a secured creditor shall be determined under supervision of the court by:
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Legislative history
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.