Texas Insurance Code

§ 443.207 — LIABILITY OF TRANSFEREE

IN § 443.207Title 4. REGULATION OF SOLVENCY · Part C. DELINQUENT INSURERS · Ch. 443. INSURER RECEIVERSHIP ACT · Art. E. ASSET RECOVERY

Statute text

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(a)Except as otherwise provided in this section, to the extent that the receiver obtains an order under Section 443.201 or avoids a transfer under Section 443.202, 443.203, 443.204, 443.205, or 443.206, the receiver may recover the property transferred, or the value of the property, from:

(1)the initial transferee of the transfer or the entity for whose benefit the transfer was made; or

(2)any immediate or mediate transferee of the initial transferee.

(b)The receiver may not recover under Subsection (a)(2) from:

(1)a transferee that takes for value, including satisfaction or securing of a present or antecedent debt, in good faith, and without knowledge of the voidability of the transfer avoided; or

(2)any immediate or mediate good faith transferee of the transferee.

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Legislative history

Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 9.004(u), eff. September 1, 2007.