Texas Local Government Code

§ 62.043 — BOND

LG § 62.043Title 2. ORGANIZATION OF MUNICIPAL GOVERNMENT · Part E. CONSOLIDATION AND ABOLITION OF MUNICIPALITIES · Ch. 62. ABOLITION OF MUNICIPALITIES · Art. B. RECEIVERSHIPS

Statute text

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(a)A judge appointing a receiver shall set the receiver's bond at an amount that is at least twice the probable amount of the indebtedness or the value of the property of the municipality.

(b)The bond must be conditioned that the receiver will faithfully perform the duties of receiver and that the receiver will pay and deliver all money and property acquired as receiver to the parties entitled to the money or property.

(c)The bond must be approved by the judge who appoints the receiver.

Legislative history

Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.