Texas Finance Code

§ 66.356 — TITLE AND CUSTODY OF ASSOCIATION'S ASSETS

FI § 66.356Title 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)The property and assets of the association are in the custody of the court from the date the receivership begins.

(b)The receiver and a receiver's successor in office have title to all property, contracts, and rights of action of the association, wherever located, beginning on the date the order directing the receiver to take possession is entered. The title of the receiver relates back to the date the liquidation of the association begins unless the court provides otherwise.

(c)The filing or recording of the order in a record office of the state has the same effect for notice purposes as a filed or recorded deed, bill of sale, or other evidence of title.

(d)If the court considers it desirable to protect the assets of the association, the court may require a bond from the receiver, in an amount set by the court, to be paid from the association's assets.

Legislative history

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