Texas Finance Code
§ 36.304 — SECURED CLAIM
FI § 36.304Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part A. BANKS · Ch. 36. DISSOLUTION AND RECEIVERSHIP · Art. D. CLAIMS AGAINST RECEIVERSHIP ESTATE
Statute text
View on source(a)The owner of a secured claim against a bank 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.
(b)If the owner applies the security and discharges the claim, any deficiency shall be treated as a claim against the general assets of the bank on the same basis as a claim of an unsecured creditor. The amount of the deficiency shall be determined as provided by Section 36.305, 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.
(c)The value of security held by a secured creditor shall be determined under supervision of the court by:
(1)converting the security into money according to the terms of the agreement under which the security was delivered to the creditor; or
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Legislative history
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.