Tex. Fin. Code § 66.351 · Subchapter H. RECEIVERSHIP OF UNINSURED ASSOCIATIONS
PLACEMENT OF CERTAIN ASSOCIATIONS IN RECEIVERSHIP.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) After a final liquidation order has been issued under Subchapter F or G for an association the deposits of which are not insured by the Federal Deposit Insurance Corporation or another state or federal agency, the commissioner or liquidating agent may apply to a district court of Travis County to appoint a receiver for the association.
(b) The court shall appoint a receiver if the court finds substantial evidence that:
(1) the commissioner has met all applicable requirements of Subchapter F or G for issuing the liquidation order;
(2) service of the liquidation order has been completed as provided by Section 66.106; and
(3) the order is a final unappealable order under Subchapter F or G.
(c) The court shall appoint the liquidating agent appointed during the liquidation of the association to serve as transitional receiver during the first 60 days of the receivership. The court may appoint a different receiver for the remainder of the receivership.
(d) After the court appoints a receiver, liquidation of the association under the supervision of the commissioner ends and the receiver shall liquidate the association under the supervision of the court.
(e) A receiver is governed by:
(1) Subchapter F, to the extent that subchapter is not inconsistent with this section;
(2) Subchapter G, other than Sections 66.302 and 66.316, and to the extent that subchapter is not inconsistent with this section; and
(3) state law applicable to receiverships generally to the extent the law is not inconsistent with this chapter.
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.66.htm
- Text hash
- sha256 b210da6cd9bc726a68059043d8d5c0da132b1fbe23589ad1a76684d15fdbf1c8
- 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
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Finance 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.