Tex. Civ. Prac. & Rem. Code § 64.073 · Subchapter E. PROVISIONS RELATING TO RECEIVERSHIP OF CORPORATIONS
EARNINGS ON IMPROVED PROPERTY LIABLE FOR DEBTS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A corporation in receivership shall contribute to the payment of any floating debts against it an amount equal to the full value of current earnings spent by the receiver for:
(1) improvements to the corporate property held by the receiver, the purchase of rolling stock or machinery, and other improvements that increase the value of the property; or
(2) the extension of a road or the acquisition of land in connection with a road.
(b) If property of a corporation in receivership is sold under court order in a lien foreclosure, the court shall order the clerk to retain from the sale proceeds an amount equal to the value of improvements made by the receiver to the property sold and shall order that money to be paid to persons with a claim, debt, or judgment against the corporation. The courts shall require an amount of cash sufficient for that purpose to be paid in at the date of sale.
Notes and commentary — not statutory text
History
Acts 1985, 69th Leg., ch. 959, Sec. 1, eff. Sept. 1, 1985.
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 88524be386c9a81307e853c3335f8d62eb9cb6218ddde09dd78ebb3a78e19b5a
- 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
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.