Texas Finance Code
§ 66.351 — PLACEMENT OF CERTAIN ASSOCIATIONS IN RECEIVERSHIP
FI § 66.351Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part B. SAVINGS AND LOAN ASSOCIATIONS · Ch. 66. ENFORCEMENT AND REGULATION · Art. H. RECEIVERSHIP OF UNINSURED ASSOCIATIONS
Statute text
View on source(a)After a final liquidation order has been issued under Subchapter F or G for an association the deposits of which are not insured by the Federal Deposit Insurance Corporation or another state or federal agency, the commissioner or liquidating agent may apply to a district court of Travis County to appoint a receiver for the association.
(b)The court shall appoint a receiver if the court finds substantial evidence that:
(1)the commissioner has met all applicable requirements of Subchapter F or G for issuing the liquidation order;
(2)service of the liquidation order has been completed as provided by Section 66.106; and
(3)the order is a final unappealable order under Subchapter F or G.
(c)The court shall appoint the liquidating agent appointed during the liquidation of the association to serve as transitional receiver during the first 60 days of the receivership. The court may appoint a different receiver for the remainder of the receivership.
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Legislative history
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.