CHAPTER 36. DISSOLUTION AND RECEIVERSHIP

State Codes and Statutes

Statutes > Texas > Finance-code > Title-3-financial-institutions-and-businesses > Chapter-36-dissolution-and-receivership

FINANCE CODE

TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES

SUBTITLE A. BANKS

CHAPTER 36. DISSOLUTION AND RECEIVERSHIP

SUBCHAPTER A. GENERAL PROVISIONS

Sec. 36.001. DEFINITION. In this chapter, "administrative

expense" means:

(1) an expense designated as an administrative expense by

Subchapter C or D;

(2) court costs and expenses of operation and liquidation of a

bank estate;

(3) wages owed to an employee of a bank for services rendered

within three months before the date the bank was closed for

liquidation and not exceeding:

(A) $2,000 to each employee; or

(B) another amount set by rules adopted under this subtitle;

(4) current wages owed to a bank employee whose services are

retained by the receiver for services rendered after the date the

bank is closed for liquidation;

(5) an unpaid expense of supervision or conservatorship of the

bank before its closing for liquidation; and

(6) any unpaid fees or assessments owed to the department.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.002. REMEDIES EXCLUSIVE. (a) Unless the banking

commissioner so requests, a court may not:

(1) order the closing or suspension of operation of a state

bank; or

(2) appoint for a state bank a receiver, supervisor,

conservator, liquidator, or other person with similar

responsibility.

(b) A person may not be designated a receiver, supervisor,

conservator, or liquidator without the voluntary approval of the

banking commissioner.

state.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.003. FEDERAL DEPOSIT INSURANCE CORPORATION AS

LIQUIDATOR. (a) The banking commissioner without court action

may tender a state bank that has been closed for liquidation to

the Federal Deposit Insurance Corporation or its successor as

receiver and liquidating agent if the deposits of the bank were

insured by the Federal Deposit Insurance Corporation or its

successor on the date of closing.

(b) After acceptance of tender of the bank, the Federal Deposit

Insurance Corporation or its successor shall perform the acts and

duties as receiver of the bank that it considers necessary or

desirable and that are permitted or required by federal law or

this chapter.

successor refuses to accept tender of the bank, the banking

commissioner shall act as receiver.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.004. APPOINTMENT OF INDEPENDENT RECEIVER. (a) On

request of the banking commissioner, the court in which a

liquidation proceeding is pending may:

(1) appoint an independent receiver; and

(2) require a suitable bond of the independent receiver.

(b) On appointment of an independent receiver, the banking

commissioner is discharged as receiver and remains a party to the

liquidation proceeding with standing to initiate or contest any

motion. The views of the banking commissioner are entitled to

deference unless they are inconsistent with the plain meaning of

this chapter.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.005. SUCCESSION OF TRUST POWERS. (a) If a state bank

in the process of voluntary or involuntary dissolution and

liquidation is acting as trustee, guardian, executor,

administrator, or escrow agent, or in another fiduciary or

custodial capacity, the banking commissioner may authorize the

sale of the bank's administration of fiduciary accounts to a

successor entity with fiduciary powers.

(b) The successor entity, without the necessity of action by a

court or the creator or a beneficiary of the fiduciary

relationship, shall:

(1) continue the office, trust, or fiduciary relationship; and

(2) perform all the duties and exercise all the powers connected

with or incidental to the fiduciary relationship as if the

successor entity had been originally designated as the fiduciary.

including a trust established for the benefit of a minor by court

order under Section 142.005, Property Code. This section does not

affect any right of a court or a party to the instrument

governing the fiduciary relationship to subsequently designate

another trustee as the successor fiduciary.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

SUBCHAPTER B. VOLUNTARY DISSOLUTION

Sec. 36.101. INITIATING VOLUNTARY DISSOLUTION. (a) A state

bank may initiate voluntary dissolution and surrender its charter

as provided by this subchapter:

(1) with the approval of the banking commissioner;

(2) after complying with the provisions of the Business

Organizations Code regarding board and shareholder approval for

voluntary dissolution; and

(3) by filing the documents as provided by Section 36.102.

(b) The shareholders of a state bank initiating voluntary

dissolution by resolution shall appoint one or more persons to

act as the liquidating agent or committee. The liquidating agent

or committee shall conduct the liquidation as provided by law and

under the supervision of the bank's board. The board, in

consultation with the banking commissioner, shall require the

liquidating agent or committee to give a suitable bond.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

237, Sec. 49, eff. September 1, 2007.

Sec. 36.102. FILING RESOLUTIONS WITH BANKING COMMISSIONER.

After resolutions to dissolve and liquidate a state bank have

been adopted by the bank's board and shareholders, a majority of

the directors shall verify and file with the banking commissioner

certified copies of:

(1) the resolutions of the shareholders that:

(A) are adopted at a meeting for which proper notice was given

or by unanimous written consent; and

(B) approve the dissolution and liquidation of the bank;

(2) the resolutions of the board approving the dissolution and

liquidation of the bank; and

(3) the notice to the shareholders informing them of the

meeting.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

237, Sec. 50, eff. September 1, 2007.

Acts 2007, 80th Leg., R.S., Ch.

735, Sec. 9, eff. September 1, 2007.

Sec. 36.103. BANKING COMMISSIONER INVESTIGATION AND CONSENT.

The banking commissioner shall review the documentation submitted

under Section 36.102 and conduct any necessary investigation or

examination. If the proceedings appear to have been properly

conducted and the bond to be given by the liquidating agent or

committee is adequate for its purposes, the banking commissioner

shall consent to dissolution and direct the bank to publish

notice of its pending dissolution.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.104. NOTICE OF PENDING DISSOLUTION. (a) A state bank

initiating voluntary dissolution shall publish notice of its

pending dissolution in a newspaper of general circulation in each

community where its home office or a branch is located:

(1) at least once each week for eight consecutive weeks; or

(2) at other times specified by the banking commissioner or

rules adopted under this subtitle.

(b) The notice must:

(1) be in the form and include the information required by the

banking commissioner; and

(2) state that:

(A) the bank is liquidating;

(B) depositors and creditors must present their claims for

payment on or before a specified date; and

with the bank should remove their property on or before a

specified date.

(1) be approved by the banking commissioner; and

(2) allow:

(A) the affairs of the bank to be wound up as quickly as

feasible; and

(B) creditors, depositors, and owners of property adequate time

for presentation of claims, withdrawal of accounts, and

redemption of property.

(d) The banking commissioner may adjust the dates under

Subsection (b) with or without republication of notice if

additional time appears needed for the activities to which the

dates pertain.

(e) At the time of or promptly after publication of the notice,

the bank shall mail to each of the bank's known depositors,

creditors, safe deposit box holders, and bailors of property left

with the bank, at the mailing address shown on the bank's

records, an individual notice containing:

(1) the information required in a notice under Subsection (b);

and

(2) specific information pertinent to the account or property of

the addressee.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.105. SAFE DEPOSITS AND OTHER BAILMENTS. (a) A contract

between the bank and a person for bailment, of deposit for hire,

or for lease of a safe, vault, or box ceases on the date

specified in the notice as the date for removal of property or a

later date approved by the banking commissioner. A person who has

paid rental or storage charges for a period extending beyond the

date designated for removal of property has an unsecured claim

against the bank for a refund of the unearned amount paid.

(b) If the property is not removed by the date the contract

ceases, an officer of the bank shall inventory the property. In

making the inventory the officer may open a safe, vault, or box,

or any package, parcel, or receptacle, in the custody or

possession of the bank. The inventory must be made in the

presence of a notary public who is not an officer or employee of

the bank and who is bonded in an amount and by sureties approved

by the banking commissioner. The property shall be marked to

identify, to the extent possible, its owner or the person who

left it with the bank. After all property belonging to others

that is in the bank's custody and control has been inventoried, a

master list certified by the bank officer and the notary public

shall be furnished to the banking commissioner. The master list

shall be kept in a place and dealt with in a manner the banking

commissioner specifies pending delivery of the property to its

owner or to the comptroller as unclaimed property.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.106. OFFICES TO REMAIN OPEN. Unless the banking

commissioner directs or consents otherwise, the home office and

all branch offices of a state bank initiating voluntary

dissolution shall remain open for business during normal business

hours until the last date specified in published notices for

presentation of claims, withdrawal of accounts, and redemption of

property.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.107. FIDUCIARY ACTIVITIES. (a) As soon after

publication of the notice of dissolution as is practicable, the

bank shall:

(1) terminate all fiduciary positions it holds;

(2) surrender all property held by it as a fiduciary; and

(3) settle its fiduciary accounts.

(b) Unless all fiduciary accounts are settled and transferred by

the last date specified in published notices or by the banking

commissioner and unless the banking commissioner directs

otherwise, the bank shall mail a notice to each trustor and

beneficiary of any remaining trust, escrow arrangement, or other

fiduciary relationship. The notice must state:

(1) the location of an office open during normal business hours

where administration of the remaining fiduciary accounts will

continue until settled or transferred; and

(2) a telephone number at that office.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.108. FINAL LIQUIDATION. (a) After the bank has taken

all of the actions specified by Sections 36.102, 36.105, and

36.107, paid all its debts and obligations, and transferred all

property for which a legal claimant has been found after the time

for presentation of claims has expired, the bank shall make a

list from its books of the names of each depositor, creditor,

owner of personal property in the bank's possession or custody,

or lessee of any safe, vault, or box, who has not claimed or has

not received a deposit, debt, dividend, interest, balance, or

other amount or property due to the person. The list must be

sworn to or affirmed by a majority of the bank's board.

(b) The bank shall:

(1) file the list and any necessary identifying information with

the banking commissioner;

(2) pay any unclaimed money and deliver any unclaimed property

to the comptroller as provided by Chapter 74, Property Code; and

(3) certify to the banking commissioner that the unclaimed money

has been paid and unclaimed property has been delivered to the

comptroller.

reconciled the unclaimed cash and property with the amounts of

money and property reported and transferred to the comptroller,

the banking commissioner shall allow the bank to distribute the

bank's remaining assets, if any, among its shareholders as their

ownership interests appear.

(d) After distribution of all remaining assets under Subsection

(c), the bank shall file with the department:

(1) an affidavit and schedules, sworn to or affirmed by a

majority of the bank's board, showing the distribution to each

shareholder;

(2) all copies of reports of examination of the bank in its

possession; and

(3) its original charter or an affidavit stating that the

original charter is lost.

(e) After verifying the submitted information and documents, the

banking commissioner shall issue a certificate canceling the

charter of the bank.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

237, Sec. 51, eff. September 1, 2007.

Sec. 36.109. APPLICATION OF LAW TO BANK IN DISSOLUTION. A state

bank in the process of voluntary dissolution and liquidation

remains subject to this subtitle and Chapters 11 and 12,

including provisions for examination by the banking commissioner,

and the bank shall furnish reports required by the banking

commissioner.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.110. AUTHORIZATION OF DEVIATION FROM PROCEDURES. The

banking commissioner may authorize a deviation from the

procedures for voluntary dissolution in this subchapter if the

banking commissioner determines that the interests of claimants

are not jeopardized by the deviation.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.111. CLOSURE BY BANKING COMMISSIONER FOR INVOLUNTARY

DISSOLUTION AND LIQUIDATION. The banking commissioner may close

a state bank for involuntary dissolution and liquidation under

this chapter if the banking commissioner determines that:

(1) the voluntary liquidation is:

(A) being conducted in an improper or illegal manner; or

(B) not in the best interests of the bank's depositors and

creditors; or

(2) the bank is insolvent or imminently insolvent.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.112. APPLICATION FOR NEW CHARTER. After a state bank's

charter has been voluntarily surrendered and canceled, the bank

may not resume business or reopen except on application for and

approval of a new charter.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

SUBCHAPTER C. INVOLUNTARY DISSOLUTION AND LIQUIDATION

Sec. 36.201. ACTION TO CLOSE STATE BANK. (a) The banking

commissioner may close and liquidate a state bank on finding

that:

(1) the interests of the bank's depositors and creditors are

jeopardized by the bank's insolvency or imminent insolvency; and

(2) the best interests of depositors and creditors would be

served by requiring that the bank be closed and its assets

liquidated.

(b) A majority of the bank's directors may voluntarily close the

bank and place it with the banking commissioner for liquidation.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

237, Sec. 52, eff. September 1, 2007.

Sec. 36.202. NOTICE AND EFFECT OF CLOSURE; APPOINTMENT OF

RECEIVER. (a) After closing a state bank under Section 36.201,

the banking commissioner shall place a sign at its main entrance

stating that the bank has been closed and the findings on which

the closing of the bank is based. A correspondent bank of the

closed bank may not pay an item drawn on the account of the

closed bank that is presented for payment after the correspondent

has received actual notice of closing unless it previously

certified the item for payment.

(b) As soon as practicable after posting the sign at the bank's

main entrance, the banking commissioner shall tender the bank to

the Federal Deposit Insurance Corporation as provided by Section

36.003 or initiate a receivership proceeding by filing a copy of

the notice contained on the sign in a district court in the

county where the bank's home office is located. The court in

which the notice is filed shall docket it as a case styled, "In

re liquidation of ____" (inserting the name of the bank). When

this notice is filed, the court has constructive custody of all

the bank's assets and any action that seeks to directly or

indirectly affect bank assets is considered an intervention in

the receivership proceeding and is subject to this subchapter and

Subchapter D.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.203. NATURE AND DURATION OF RECEIVERSHIP. (a) The

court may not require a bond from the banking commissioner as

receiver.

(b) A reference in this chapter to the receiver is a reference

to the banking commissioner as receiver and to any successor in

office, the Federal Deposit Insurance Corporation if acting as

receiver as provided by Section 36.003 and federal law, or an

independent receiver appointed at the request of the banking

commissioner as provided by Section 36.004.

and shareholders of the bank as necessary to support an action

taken on behalf of the bank.

(d) The receiver and all employees and agents acting on behalf

of the receiver are acting in an official capacity and are

protected by Section 12.106. An act of the receiver is an act of

the bank in liquidation. This state or a political subdivision of

this state is not liable and may not be held accountable for any

debt or obligation of a state bank in receivership.

(e) Section 64.072, Civil Practice and Remedies Code, applies to

the receivership of a bank except as provided by this subsection.

A bank receivership shall be administered continuously for the

length of time necessary to complete its purposes, and a period

prescribed by other law limiting the time for the administration

of a receivership or of corporate affairs generally, including

Section 64.072(d), Civil Practice and Remedies Code, does not

apply.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

237, Sec. 53, eff. September 1, 2007.

Sec. 36.204. CONTEST OF LIQUIDATION. (a) A state bank, acting

through a majority of its directors, may intervene in an action

filed by the banking commissioner closing a state bank to

challenge the banking commissioner's closing of the bank and to

enjoin the banking commissioner or other receiver from

liquidating its assets. The bank must file the intervention not

later than the second business day after the closing of the bank,

excluding legal holidays. The court may issue an ex parte order

restraining the receiver from liquidating bank assets pending a

hearing on the injunction. The receiver shall comply with the

restraining order but may petition the court for permission to

liquidate an asset as necessary to prevent its loss or diminution

pending the outcome of the injunction.

(b) The court shall hear an action as quickly as possible and

shall give it priority over other business.

other civil cases, except that the receiver shall retain all bank

assets pending a final appellate court order even if the banking

commissioner does not prevail in the trial court. If the banking

commissioner prevails in the trial court, liquidation of the bank

may proceed unless the trial court or appellate court orders

otherwise. If liquidation is enjoined or stayed pending appeal,

the trial court retains jurisdiction to permit liquidation of an

asset as necessary to prevent its loss or diminution pending the

outcome of the appeal.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

237, Sec. 54, eff. September 1, 2007.

Sec. 36.205. NOTICE OF BANK CLOSING. (a) As soon as reasonably

practicable after initiation of the receivership proceeding, the

receiver shall publish notice in a newspaper of general

circulation in each community where the bank's home office or a

branch is located. The notice must state that:

(1) the bank has been closed for liquidation;

(2) depositors and creditors must present their claims for

payment on or before a specified date; and

(3) all safe deposit box holders and bailors of property left

with the bank should remove their property not later than a

specified date.

(b) A date that the receiver selects under Subsection (a):

(1) may not be earlier than the 121st day after the date of the

notice; and

(2) must allow:

(A) the affairs of the bank to be wound up as quickly as

feasible; and

(B) creditors, depositors, and owners of property adequate time

for presentation of claims, withdrawal of accounts, and

redemption of property.

the approval of the court and with or without republication of

notice if additional time appears needed for those activities.

(d) As soon as reasonably practicable given the state of bank

records and the adequacy of staffing, the receiver shall mail to

each of the bank's known depositors, creditors, safe deposit box

holders, and bailors of property left with the bank, at the

mailing address shown on the bank's records, an individual notice

containing the information required in a notice under Subsection

(a) and specific information pertinent to the account or property

of the addressee.

(e) The receiver may determine the form and content of notices

under this section.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.206. INVENTORY. As soon as reasonably practicable given

the state of bank records and the adequacy of staffing, the

receiver shall prepare a comprehensive inventory of the bank's

assets for filing with the court. The inventory is open to

inspection.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.207. RECEIVER'S TITLE AND PRIORITY. (a) The receiver

has the title to all the bank's property, contracts, and rights

of action, wherever located, beginning on the date the bank is

closed for liquidation.

(b) The rights of the receiver have priority over a contractual

lien or statutory landlord's lien under Chapter 54, Property

Code, judgment lien, attachment lien, or voluntary lien that

arises after the date of the closing of the bank for liquidation.

office of this state gives the same notice that would be given by

a deed, bill of sale, or other evidence of title filed or

recorded by the bank in liquidation. The recording clerk shall

index a recorded receivership order in the records to which the

order relates.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.208. RIGHTS FIXED. The rights and liabilities of the

bank in liquidation and of a depositor, creditor, officer,

director, employee, shareholder, agent, or other person

interested in the bank's estate are fixed on the date of closing

of the bank for liquidation except as otherwise directed by the

court or as expressly provided otherwise by this subchapter or

Subchapter D.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

237, Sec. 55, eff. September 1, 2007.

Sec. 36.209. DEPOSITORIES. (a) The receiver may deposit money

collected on behalf of the bank estate in:

(1) the Texas Treasury Safekeeping Trust Company in accordance

with procedures established by the comptroller; or

(2) one or more state banks in this state, the deposits of which

are insured by the Federal Deposit Insurance Corporation or its

successor, if the receiver, using sound financial judgment,

determines that it would be advantageous to do so.

(b) If receivership money deposited in an account at a state

bank exceeds the maximum insured amount, the receiver shall

require the excess deposit to be adequately secured through a

pledge of securities or otherwise, without approval of the court.

The depository bank may secure the deposits of the bank in

liquidation on behalf of the receiver, notwithstanding any other

provision of Chapter 11 or 12 or this subtitle.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.210. PENDING LAWSUIT. (a) A judgment or order of a

court of this state or of another jurisdiction in an action

pending by or against the bank, rendered after the date the bank

was closed for liquidation, is not binding on the receiver unless

the receiver was made a party to the suit.

(b) Before the first anniversary of the date the bank was closed

for liquidation, the receiver may not be required to plead to any

suit pending against the bank in a court in this state on the

date the bank was closed for liquidation and in which the

receiver is a proper plaintiff or defendant.

Remedies Code, do not apply to a bank estate being administered

under this subchapter and Subchapter D.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.211. NEW LAWSUIT. (a) Except as otherwise provided by

this section, the court in which the receivership proceeding is

pending under this subchapter has exclusive jurisdiction to hear

and determine all actions or proceedings instituted by or against

the bank or receiver after the receivership proceeding begins.

(b) The receiver may file in any jurisdiction an ancillary suit

that may be helpful to obtain jurisdiction or venue over a person

or property.

proceeding instituted against the receiver or the receiver's

employee, including an employee of the department, that asserts

personal liability on the part of the receiver or employee.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.212. REQUIRING RECORD OR OTHER PROPERTY IN POSSESSION OF

OTHER PERSON. (a) Each bank affiliate, officer, director,

shareholder, trustee, agent, servant, employee, attorney,

attorney-in-fact, or correspondent shall immediately deliver to

the receiver, without cost to the receiver, any record or other

property of the bank or that relates to the business of the bank.

(b) If by contract or otherwise a record or other property that

can be copied is the property of a person listed in Subsection

(a), it shall be copied and the copy shall be delivered to the

receiver. The owner shall retain the original until notification

by the receiver that it is no longer required in the

administration of the bank's estate or until another time the

court, after notice and hearing, directs. A copy is considered to

be a record of the bank in liquidation under Section 36.225.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

237, Sec. 56, eff. September 1, 2007.

Sec. 36.213. INJUNCTION IN AID OF LIQUIDATION. (a) On

application by the receiver, the court with or without notice may

issue an injunction:

(1) restraining a bank officer, director, shareholder, trustee,

agent, servant, employee, attorney, attorney-in-fact,

correspondent, or other person from transacting the bank's

business or wasting or disposing of its property; or

(2) requiring the delivery of the bank's property or assets to

the receiver subject to the further order of the court.

(b) At any time during a proceeding under this subchapter, the

court may issue another injunction or order considered necessary

or desirable to prevent:

(1) interference with the receiver or the proceeding;

(2) waste of the assets of the bank;

(3) the beginning or prosecution of an action;

(4) the obtaining of a preference, judgment, attachment,

garnishment, or other lien; or

(5) the making of a levy against the bank or its assets.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

237, Sec. 57, eff. September 1, 2007.

Sec. 36.214. SUBPOENA. (a) The receiver may request the court

ex parte to issue a subpoena to compel the attendance and

testimony of a witness before the receiver and the production of

a record relating to the receivership estate. For this purpose

the receiver or the receiver's designated representative may

administer an oath or affirmation, examine a witness, or receive

evidence. The court has statewide subpoena power and may compel

attendance and production of a record before the receiver at the

bank, the office of the receiver, or another location.

(b) A person served with a subpoena under this section may file

a motion with the court for a protective order as provided by

Rule 166b, Texas Rules of Civil Procedure. In a case of

disobedience of a subpoena or the contumacy of a witness

appearing before the receiver or the receiver's designated

representative, the receiver may request and the court may issue

an order requiring the person subpoenaed to obey the subpoena,

give evidence, or produce a record relating to the matter in

question.

entitled to receive:

(1) reimbursement for mileage, in the amount for travel by a

state employee, for traveling to or returning from a proceeding

that is more than 25 miles from the witness's residence; and

(2) a fee for each day or part of a day the witness is

necessarily present as a witness in an amount set by the receiver

with the approval of the court of not less than $10 a day and not

more than an amount equal to the per diem travel allowance of a

state employee.

(d) A payment of fees under Subsection (c) is an administrative

expense.

(e) The receiver may serve the subpoena or have it served by the

receiver's authorized agent, a sheriff, or a constable. The

sheriff's or constable's fee for serving a subpoena must be the

same as the fee paid the sheriff or constable for similar

services.

(f) A subpoena issued under this section to a financial

institution is not subject to Section 59.006.

(g) On certification by the receiver under official seal, a

record produced or testimony taken as provided by this section

and held by the receiver is admissible in evidence in any case

without proof of its correctness or other proof, except the

certificate of the receiver that the record or testimony was

received from the person producing the record or testifying. The

certified record or a certified copy of the record is prima facie

evidence of the facts it contains. This section does not limit

another provision of this subchapter, Subchapter D, or another

law that provides for the admission of evidence or its

evidentiary value.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 6.103(c), eff.

Sept. 1, 2001.

Sec. 36.215. EXECUTORY CONTRACT; ORAL AGREEMENT. (a) Not later

than six months after the date the receivership proceeding

begins, the receiver may terminate any executory contract to

which the bank is a party or any obligation of the bank as a

lessee. A lessor who receives notice of the receiver's election

to terminate the lease before the 60th day before the termination

date is not entitled to rent or damages for termination, other

than rent accrued to the date of termination.

(b) An agreement that tends to diminish or defeat the interest

of the estate in a bank asset is not valid against the receiver

unless the agreement:

(1) is in writing;

(2) was executed by the bank and any person claiming an adverse

interest under the agreement, including the obligor, when the

bank acquired the asset;

(3) was approved by the board of the bank or its loan committee,

and the approval is reflected in the minutes of the board or

committee; and

(4) has been continuously since its execution an official record

of the bank.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.216. PREFERENCES. (a) A transfer of or lien on the

property or assets of a state bank is voidable by the receiver if

the transfer or lien:

(1) was made or created less than:

(A) four months before the date the bank is closed for

liquidation; or

(B) one year before the date the bank is closed for liquidation

if the receiving creditor was at the time an affiliate, officer,

director, or principal shareholder of the bank or an affiliate of

the bank;

(2) was made or created with the intent of giving to a creditor

or depositor, or enabling a creditor or depositor to obtain, a

greater percentage of the claimant's debt than is given or

obtained by another claimant of the same class; and

(3) is accepted by a creditor or depositor having reasonable

cause to believe that a preference will occur.

(b) Each bank officer, director, shareholder, trustee, agent,

servant, employee, attorney-in-fact, or correspondent, or other

person acting on behalf of the bank, who has participated in

implementing a voidable transfer or lien, and each person

receiving property or the benefit of property of the bank as a

result of the voidable transfer or lien, are personally liable

for the property or benefit received and shall account to the

receiver for the benefit of the depositors and creditors of the

bank.

or assets of a bank that a depositor, creditor, or shareholder

of the bank could have avoided and may recover the property

transferred or its value from the person to whom it was

transferred or from a person who has received it unless the

transferee or recipient was a bona fide holder for value before

the date the bank was closed for liquidation.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

237, Sec. 58, eff. September 1, 2007.

Sec. 36.217. EMPLOYEES OF RECEIVER. The receiver may employ

agents, legal counsel, accountants, appraisers, consultants, and

other personnel the receiver considers necessary to assist in the

performance of the receiver's duties. The receiver may use

personnel of the department if the receiver considers the use to

be advantageous or desirable. The expense of employing those

persons is an administrative expense.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.218. DISPOSAL OF PROPERTY; SETTLING OF CLAIM. (a) In

liquidating a bank, the receiver on order of the court entered

with or without hearing may:

(1) sell all or part of the property of the bank;

(2) borrow money and pledge all or part of the assets of the

bank to secure the debt created, except that the receiver may not

be held personally liable to repay borrowed money;

(3) compromise or compound a doubtful or uncollectible debt or

claim owed by or owing to the bank; and

(4) enter another agreement on behalf of the bank that the

receiver considers necessary or proper to the management,

conservation, or liquidation of its assets.

(b) If the amount of a debt or claim owed by or owing to the

bank or the value of an item of property of the bank does not

exceed $20,000, excluding interest, the receiver may compromise

or compound the debt or claim or sell the property on terms the

receiver considers to be in the best interests of the bank estate

without obtaining the approval of the court.

offer or agree to sell an asset of the bank, other than a

fiduciary asset, to a depositor or creditor of the bank. Payment

may be in whole or part out of distributions payable to the

purchasing depositor or creditor on account of an approved claim

against the bank's estate. On application by the receiver, the

court may designate one or more representatives to act for

certain depositors or creditors as a class in the purchase,

holding, and management of assets purchased by the class under

this section, and the receiver may with the approval of the court

advance the expenses of the appointed representative against the

security of the claims of the class.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.219. COURT ORDER; NOTICE AND HEARING. If the court

requires notice and hearing before entering an order, the court

shall set the time and place of the hearing and prescribe whether

the notice is to be given by service on specific parties, by

publication, or by a combination of those methods. The court may

not enter an order requested by a person other than the receiver

without notice to the receiver and an opportunity for the

receiver to be heard.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.220. RECEIVER'S REPORT; EXPENSES. (a) The receiver

shall file with the court:

(1) a quarterly report showing the operation, receipts,

expenditures, and general condition of the bank in liquidation;

and

(2) a final report regarding the liquidated bank showing all

receipts and expenditures and giving a full explanation and a

statement of the disposition of all assets of the bank.

(b) The receiver shall pay all administrative expenses out of

money or other assets of the bank. Each quarter the receiver

shall swear to and submit an itemized report of those expenses.

The court shall approve the report unless an objection is filed

before the 11th day after the date it is submitted. An objection

may be made only by a party in interest and must specify each

item objected to and the ground for the objection. The court

shall set the objection for hearing and notify the parties of

this action. The objecting party has the burden of proof to show

that the item objected to is improper, unnecessary, or excessive.

report is to be given by service on specific parties, by

publication, or by a combination of those methods.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.221. COURT-ORDERED AUDIT. The court may order an audit

of the books and records of the receiver that relate to the

receivership. A report of an audit ordered under this section

shall be filed with the court. The receiver shall make the books

and records relating to the receivership available to the auditor

as required by the court order. The receiver shall pay the

expenses of an audit ordered under this section as an

administrative expense.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.222. SAFE DEPOSITS AND OTHER BAILMENTS. (a) A contract

between the bank and another person for bailment, of deposit for

hire, or for lease of a safe, vault, or box ceases on the date

specified for removal of property in the notices that were

published and mailed or a later date approved by the receiver or

the court. A person who has paid rental or storage charges for a

period extending beyond the date designated for removal of

property has a claim against the bank estate for a refund of the

unearned amount paid.

(b) If the property is not removed by the date the contract

ceases, the receiver shall inventory the property. In making the

inventory the receiver may open a safe, vault, or box, or any

package, parcel, or receptacle, in the custody or possession of

the receiver. The property shall be marked to identify, to the

extent possible, its owner or the person who left it with the

bank. After all property belonging to others that is in the

receiver's custody and control has been inventoried, the receiver

shall compile a master list that is divided for each office of

the bank that received property that remains unclaimed. The

receiver shall publish, in a newspaper of general circulation in

each community in which the bank had an office that received

property that remains unclaimed, the list and the names of the

owners of the property as shown in the bank's records. The

published notice must specify a procedure for claiming the

property unless the court, on application of the receiver,

approves an alternate procedure.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.223. FIDUCIARY ACTIVITIES. (a) As soon after beginning

the receivership proceeding as is practicable, the receiver

shall:

(1) terminate all fiduciary positions the bank holds;

(2) surrender all property held by the bank as a fiduciary; and

(3) settle the bank's fiduciary accounts.

(b) The receiver shall release all segregated and identifiable

fiduciary property held by the bank to successor fiduciaries.

administration of all or substantially all remaining fiduciary

accounts to one or more successor fiduciaries on terms that

appear to be in the best interests of the bank's estate and the

persons interested in the fiduciary accounts.

(d) If commingled fiduciary money held by the bank as trustee is

insufficient to satisfy all fiduciary claims to the commingled

money, the receiver shall distribute commingled money pro rata to

all fiduciary claimants of commingled money based on their

proportionate interests after payment of administrative expenses

related solely to the fiduciary claims. The fictional tracing

rule does not apply. To the extent of any unsatisfied fiduciary

claim to commingled money, a claimant to commingled trust money

is entitled to the same priority as a depositor of the bank.

(e) Subject to Subsection (d), if the bank has lost fiduciary

money or property through misappropriation or otherwise, a

claimant to the missing fiduciary money or property is entitled

to the same priority as a depositor of the bank.

(f) The receiver may require a fiduciary claimant to file a

proof of claim if the records of the bank are insufficient to

identify the claimant's interest.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.224. DISPOSITION AND MAINTENANCE OF RECORDS. (a) On

approval by the court, the receiver may dispose of records of the

bank in liquidation that are obsolete and unnecessary to the

continued administration of the receivership proceeding.

(b) The receiver may devise a method for the effective,

efficient, and economical maintenance of the records of the bank

and of the receiver's office. The method may include maintaining

those records on any medium approved by the records management

division of the Texas State Library.

closing of the receivership proceeding, the receiver may reserve

assets of an estate, deposit them in an account, and use them for

maintenance, storage, and disposal of records in closed

receivership estates.

(d) Records of a liquidated bank are not government records for

any purpose, including Chapter 552, Government Code, but shall be

preserved and disposed of as if they were records of the

department under Chapter 441, Government Code. Those records are

confidential as provided by:

(1) Subchapter D, Chapter 31;

(2) Section 59.006; and

(3) rules adopted under this subtitle.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 6.103(d), eff.

Sept. 1, 2001.

Sec. 36.225. RECORDS ADMITTED. (a) A record of a bank in

liquidation obtained by the receiver and held in the course of

the receivership proceeding or a certified copy of the record

under the official seal of the receiver is admissible in evidence

in all cases without proof of correctness or other proof, except

the certificate of the receiver that the record was received from

the custody of the bank or found among its effects.

(b) The receiver may certify the correctness of a record of the

receiver's office, including a record described by Subsection

(a), and may certify any fact contained in the record. The record

shall be received in evidence in all cases in which the original

would be evidence.

prima facie evidence of the facts it contains.

(d) A copy of an original record or another record that is

maintained on a medium approved by the records management

division of the Texas State Library, within the scope of this

section, and produced by the receiver or the receiver's

authorized representative under this section:

(1) has the same effect as the original record; and

(2) may be used the same as the original record in a judicial or

administrative proceeding in this state.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.226. RESUMPTION OF BUSINESS. (a) A state bank closed

under Section 36.201 may not be reopened without the approval of

the banking commissioner unless a contest of liquidation under

Section 36.204 is finally resolved adversely to the banking

commissioner and the court authorizes the bank's reopening.

(b) The banking commissioner may place temporary limits on the

right of withdrawals by or payments to individual depositors and

creditors of a bank reopened under this section. The limits:

(1) must apply equally to all unsecured depositors and

creditors;

(2) may not defer a withdrawal by or payment to a secured

depositor or creditor without the person's written consent; and

(3) may not postpone the right of full withdrawal or payment of

unsecured depositors or creditors for more than 18 months after

the date that the bank reopens.

a political subdivision of this state may agree to temporary

limits that the banking commissioner places on payments or

withdrawals.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.227. ASSETS DISCOVERED AFTER CLOSE OF RECEIVERSHIP. (a)

The banking commissioner shall report to the court discovery of

an asset having value that:

(1) the banking commissioner discovers after the receivership

was closed by final order of the court; and

(2) was abandoned as worthless or unknown during the

receivership.

(b) The court may reopen the receivership proceeding for

continued liquidation if the value of the asset justifies the

reopening.

may have been intentionally or fraudulently concealed, the

banking commissioner shall notify appropriate civil and criminal

authorities to determine any applicable penalties.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

SUBCHAPTER D. CLAIMS AGAINST RECEIVERSHIP ESTATE

Sec. 36.301. FILING CLAIM. (a) This section applies only to a

claim by a person, other than a shareholder acting in that

capacity, who has a claim against a state bank in liquidation,

including a claimant with a secured claim and a claimant under a

fiduciary relationship who has been ordered by the receiver to

file a proof of claim under Section 36.223.

(b) To receive payment of a claim, the person must present proof

of the claim to the receiver:

(1) at a place specified by the receiver; and

(2) within the period specified by the receiver under Section

36.205.

receiver may not participate in a distribution of the assets by

the receiver, except that, subject to court approval, the

receiver may accept a claim filed not later than the 180th day

after the date notice of the claimant's right to file a proof of

claim is mailed to the claimant.

(d) A claim accepted and approved under Subsection (c) is

subordinate to an approved claim of a general creditor.

(e) Interest does not accrue on a claim after the date the bank

is closed for liquidation.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

237, Sec. 59, eff. September 1, 2007.

Sec. 36.302. PROOF OF CLAIM. (a) A proof of claim must be in

writing, be signed by the claimant, and include:

(1) a statement of the claim;

(2) a description of the consideration for the claim;

(3) a statement of whether collateral is held or a security

interest is asserted against the claim and, if so, a description

of the collateral or security interest;

(4) a statement of any right of priority of payment for the

claim or other specific right asserted by the claimant;

(5) a statement of whether a payment has been made on the claim

and, if so, the amount and source of the payment, to the extent

known by the claimant;

(6) a statement that the amount claimed is justly owed by the

bank in liquidation to the claimant; and

(7) any other matter that is required by the court.

(b) The receiver may designate the form of the proof of claim. A

proof of claim must be filed under oath unless the oath is waived

by the receiver. A proof of claim filed with the receiver is

considered filed in an official proceeding for purposes of

Chapter 37, Penal Code.

instrument, unless lost or destroyed, must be filed with the

proof of claim. After the instrument is filed, the receiver may

permit the claimant to substitute a copy of the instrument until

the final disposition of the claim. If the instrument is lost or

destroyed, a statement of that fact and of the circumstances of

the loss or destruction must be filed under oath with the claim.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.303. JUDGMENT AS PROOF OF CLAIM. (a) A judgment

entered against a state bank in liquidation before the date the

bank was closed for liquidation may not be given higher priority

than a claim of an unsecured creditor unless the judgment

creditor in a proof of claim proves the allegations supporting

the judgment to the receiver's satisfaction.

(b) A judgment against the bank taken by default or by collusion

before the date the bank was closed for liquidation may not be

considered as conclusive evidence of the liability of the bank to

the judgment creditor or of the amount of damages to which the

judgment creditor is entitled.

was closed for liquidation may not be considered as evidence of

liability or of the amount of damages.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.304. SECURED CLAIM. (a) The owner of a secured claim

against a bank 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.

(b) If the owner applies the security and discharges the claim,

any deficiency shall be treated as a claim against the general

assets of the bank on the same basis as a claim of an unsecured

creditor. The amount of the deficiency shall be determined as

provided by Section 36.305, 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.

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.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.305. UNLIQUIDATED OR UNDETERMINED CLAIM. (a) A claim

based on an unliquidated or undetermined demand shall be filed

within the period provided by Subchapter C for the filing of a

claim. The claim may not share in any distribution to claimants

until the claim is definitely liquidated, determined, and

allowed. After the claim is liquidated, determined, and allowed,

the claim shares ratably with the claims of the same class in all

subsequent distributions.

(b) For purposes of this section, a demand is considered

unliquidated or undetermined if the right of action on the demand

accrued while the bank was closed for liquidation and the

liability on the demand has not been determined or the amount of

the demand has not been liquidated.

close the receivership proceeding, the proposed closing is

sufficient grounds for the rejection of any remaining claim based

on an unliquidated or undetermined demand. The receiver shall

notify the claimant of the intention to close the proceeding. If

the demand is not liquidated or determined before the 61st day

after the date of the notice, the receiver may reject the claim.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.306. SET-OFF. (a) Mutual credits and mutual debts

shall be set off and only the balance allowed or paid, except

that a set-off may not be allowed in favor of a person if:

(1) the obligation of the bank to the person on the date the

bank was closed for liquidation did not entitle the person to

share as a claimant in the assets of the bank;

(2) the obligation of the bank to the person was purchased by or

transferred to the person after the date the bank was closed for

liquidation or for the purpose of increasing set-off rights; or

(3) the obligation of the person or the bank is as a trustee or

fiduciary.

(b) On request, the receiver shall provide a person with an

accounting statement identifying each debt that is due and

payable. A person who owes the bank an amount that is due and

payable against which the person asserts a set-off of mutual

credits that may become due and payable from the bank in the

future shall promptly pay to the receiver the amount due and

payable. The receiver shall promptly refund, to the extent of the

person's prior payment, mutual credits that become due and

payable to the person by the bank in liquidation.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.307. ACTION ON CLAIM. (a) Not later than six months

after the last day permitted for the filing of claims or a later

date allowed by the court, the receiver shall accept or reject in

whole or in part each filed claim against the bank in

liquidation, except for an unliquidated or undetermined claim

governed by Section 36.305. The receiver shall reject a claim if

the receiver doubts its validity.

(b) The receiver shall mail written notice to each claimant

specifying the disposition of the person's claim. If a claim is

rejected in whole or in part, the receiver in the notice shall

specify the basis for rejection and advise the claimant of the

procedures and deadline for appeal.

approved and rejected claims by priority class and notify the

claimant:

(1) that a copy of a schedule of claims disposition including

only the name of the claimant, the amount of the claim allowed,

and the amount of the claim rejected is available on request; and

(2) of the procedure and deadline for filing an objection to an

approved claim.

(d) The receiver or an agent or employee of the receiver,

including an employee of the department, is not liable, and a

cause of action may not be brought against the person, for an

action taken or not taken by the person relating to the

adjustment, negotiation, or settlement of a claim.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.308. OBJECTION TO APPROVED CLAIM. The receiver with

court approval shall set a date for objection to an approved

claim. On or before that date a depositor, creditor, other

claimant, or shareholder of the bank may file an objection to an

approved claim. The objection shall be heard and determined by

the court. If the objection is sustained, the court shall direct

an appropriate modification of the schedule of claims.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

237, Sec. 60, eff. September 1, 2007.

Sec. 36.309. APPEAL OF REJECTED CLAIM. (a) The receiver's

rejection of a claim may be appealed in the court in which the

receivership proceeding is pending. The appeal must be brought

within three months after the date of service of notice of the

rejection.

(b) If the action is timely brought, review is de novo as if

originally filed in the court and subject to the rules of

procedure and appeal applicable to civil cases. This action is

separate from the receivership proceeding and is not initiated by

a claimant's attempt to appeal the action of the receiver by

intervening in the receivership proceeding.

receiver is final and not subject to review.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.310. PAYMENT OF CLAIM. (a) Except as expressly

provided otherwise by this subchapter or Subchapter C, without

the approval of the court the receiver may not make a payment on

a claim, other than a claim for an obligation incurred by the

receiver for administrative expenses.

(b) The receiver may periodically make partial distribution to

the holders of approved claims if:

(1) all objections have been heard and decided as provided by

Section 36.308;

(2) the time for filing appeals has expired as provided by

Section 36.309; and

(3) a proper reserve is established for the pro rata payment of:

(A) rejected claims that have been appealed; and

(B) any claims based on unliquidated or undetermined demands

governed by Section 36.305.

objections, appeals, and claims based on previously unliquidated

or undetermined demands governed by Section 36.305, the receiver

shall distribute the assets of the bank in satisfaction of

approved claims other than claims asserted in a person's capacity

as a shareholder.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

237, Sec. 61, eff. September 1, 2007.

Sec. 36.311. PRIORITY OF CLAIMS AGAINST INSURED BANK. The

distribution of assets from the estate of a bank the deposits of

which are insured by the Federal Deposit Insurance Corporation or

its successor shall be made in the same order of priority as

assets would be distributed on liquidation or purchase of assets

and assumption of liabilities of a national bank under federal

law.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 36.312. PRIORITY OF CLAIMS AGAINST UNINSURED BANK. (a)

The priority of distribution of assets from the estate of a bank

the deposits of which are not insured by the Federal Deposit

Insurance Corporation or its successor shall be in accordance

with the order of each class as provided by this section. Every

claim in each class shall be paid

State Codes and Statutes

State Codes and Statutes

State Codes and Statutes

State Codes and Statutes

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