Texas Finance Code

§ 36.218 — DISPOSAL OF PROPERTY; SETTLING OF CLAIM

FI § 36.218Title 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)In liquidating a bank, the receiver on order of the court entered with or without hearing may:

(1)sell all or part of the property of the bank;

(2)borrow money and pledge all or part of the assets of the bank to secure the debt created, except that the receiver may not be held personally liable to repay borrowed money;

(3)compromise or compound a doubtful or uncollectible debt or claim owed by or owing to the bank; and

(4)enter another agreement on behalf of the bank that the receiver considers necessary or proper to the management, conservation, or liquidation of its assets.

(b)If the amount of a debt or claim owed by or owing to the bank or the value of an item of property of the bank does not exceed $20,000, excluding interest, the receiver may compromise or compound the debt or claim or sell the property on terms the receiver considers to be in the best interests of the bank estate without obtaining the approval of the court.

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Legislative history

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