Tex. Civ. Prac. & Rem. Code § 64.072 · Subchapter E. PROVISIONS RELATING TO RECEIVERSHIP OF CORPORATIONS
LIMITED DURATION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Except as provided by this section, a court may not administer a corporation in receivership for more than three years after the date the receiver is appointed, and the court shall wind up the affairs of the corporation within that period.
(b) A court may, from time to time, extend the duration of a corporate receivership if:
(1) litigation prevents the court from winding up the affairs of the corporation within three years; or
(2) the receiver is operating the corporation as a going concern.
(c) To extend the duration of a corporate receivership, the court must have received an application for the extension and, following notice to all attorneys of record, must conduct a hearing on the extension. As required by the best interests of all concerned parties, the court may prescribe conditions for the extension and extend it for a term within the limits provided by Subsection (d). The court shall enter into its minutes the proper order extending the receivership.
(d) A court may not extend a corporate receivership for more than five years beyond the original three years, except that the court may extend for any additional period the receivership of a corporation organized under former Article 3.05(A)(2), Texas Miscellaneous Corporation Laws Act (Article 1302-3.05, Vernon's Texas Civil Statutes), Section 2.006, Business Organizations Code, before September 1, 2009, or a railroad corporation organized under the Business Organizations Code or former Title 112, Revised Statutes.
Notes and commentary — not statutory text
History
Acts 1985, 69th Leg., ch. 959, Sec. 1, eff. Sept. 1, 1985.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 91 (S.B. 1303), Sec. 5.001, eff. September 1, 2011.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/CP/htm/CP.64.htm
- Text hash
- sha256 23ad947bcc1a92a266af02b98e464e99d670c8b40801991ce6a7246e6ab60d2c
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 2 provisions
Provisions in this library whose text cites Tex. Civ. Prac. & Rem. Code § 64.072. Each shows the citation as that text prints it.
Finance Code
- Tex. Fin. Code § 36.203NATURE AND DURATION OF RECEIVERSHIP.Printed as Section 64.072(d), Civil Practice and Remedies Code | Section 64.072, Civil Practice and Remedies Code
- Tex. Fin. Code § 186.203NATURE AND DURATION OF RECEIVERSHIP.Printed as Section 64.072(d), Civil Practice and Remedies Code | Section 64.072, Civil Practice and Remedies Code
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.