Tex. Fin. Code § 126.303 · Subchapter G. CLAIMS RELATING TO CREDIT UNION IN LIQUIDATION
PRIORITY OF CLAIMS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
The liquidating agent shall use the credit union's assets to pay, in the following order:
(1) secured creditors to the extent of the value of their collateral;
(2) liquidation expenses, including a surety bond if required;
(3) depositors;
(4) general creditors, including secured creditors to the extent that their claims exceed the value of their collateral; and
(5) distributions to members in proportion to the shares held by each member.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.126.htm
- Text hash
- sha256 f266e36e9b46f1cec10f1929e37e75e45e4a0a85b208e424f9bd18e18cbd4999
- 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.