Texas Finance Code

§ 36.216 — PREFERENCES

FI § 36.216Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part A. BANKS · Ch. 36. DISSOLUTION AND RECEIVERSHIP · Art. C. INVOLUNTARY DISSOLUTION AND LIQUIDATION

Statute text

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(a)A transfer of or lien on the property or assets of a state bank is voidable by the receiver if the transfer or lien:

(1)was made or created less than:

(A)four months before the date the bank is closed for liquidation; or

(B)one year before the date the bank is closed for liquidation if the receiving creditor was at the time an affiliate, officer, director, or principal shareholder of the bank or an affiliate of the bank;

(2)was made or created with the intent of giving to a creditor or depositor, or enabling a creditor or depositor to obtain, a greater percentage of the claimant's debt than is given or obtained by another claimant of the same class; and

(3)is accepted by a creditor or depositor having reasonable cause to believe that a preference will occur.

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Legislative history

Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 58, eff. September 1, 2007.