Tex. Fin. Code § 186.304 · Subchapter D. CLAIMS AGAINST RECEIVERSHIP ESTATE
SECURED CLAIM.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The owner of a secured deposit may file a claim as a creditor against a state trust company in liquidation. The value of security shall be determined under supervision of the court by converting the security into money.
(b) The owner of a secured claim against a state trust company in liquidation may:
(1) surrender the security and file a claim as a general creditor; or
(2) apply the security to the claim and discharge the claim.
(c) If the owner applies the security and discharges the claim under Subsection (b), any deficiency shall be treated as a claim against the general assets of the state trust company on the same basis as a claim of an unsecured creditor. The amount of the deficiency shall be determined as provided by Section 186.305, except that if the amount of the deficiency has been adjudicated by a court in a proceeding in which the receiver has had notice and an opportunity to be heard, the court's decision is conclusive as to the amount.
(d) The value of security held by a secured creditor shall be determined under supervision of the court by:
(1) converting the security into money according to the terms of the agreement under which the security was delivered to the creditor; or
(2) agreement, arbitration, compromise, or litigation between the creditor and the receiver.
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.186.htm
- Text hash
- sha256 22cf904455bf2bb831298011b15f98089439bc6a052847648c86c12a1b72a502
- 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
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