Tex. Ins. Code § 422.053 · Subchapter B. ENCUMBRANCE OF ASSETS
CLAIMANT LIEN ON CERTAIN ASSETS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A person, corporation, association, governmental entity, or any other legal entity that accepts as security for an insurer's debt or other obligation a pledge or encumbrance of an asset of the insurer that is not made in accordance with this chapter is considered to have accepted the asset subject to a superior, preferential, and automatically perfected lien in favor of a claimant of the insurer.
(b) Subsection (a) does not apply to:
(1) an asset of an insurer in conservatorship or receivership if the commissioner in the conservatorship proceeding, or the court in which the receivership is pending, approves the pledge or encumbrance of the asset; or
(2) a pledge or encumbrance of an asset permitted in a transaction approved by the commissioner under Section 1152.055.
Notes and commentary — not statutory text
History
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Amended by:
Acts 2021, 87th Leg., R.S., Ch. 61 (S.B. 1954), Sec. 7, eff. September 1, 2021.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.422.htm
- Text hash
- sha256 0b10829b678b436cfadc5d43804df5e580deecb1f1efa5c23b1c65e708c77c85
- 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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