§ 96.303 — DUTIES OF LIQUIDATING AGENT.

Texas § 96.303

• Jurisdiction: Texas
• Code FI: Finance Code

Text

Sec. 96.303. DUTIES OF LIQUIDATING AGENT. (a) Under the commissioner's supervision, the liquidating agent shall:
(1) receive and take possession of the books, records, assets, and property of the savings bank;
(2) sell, enforce collection of, and liquidate the assets and property of the savings bank;
(3) sue in the name of the liquidating agent or the savings bank;
(4) defend an action brought against the liquidating agent or the savings bank;
(5) receive, examine, and pass on a claim brought against the savings bank, including a claim of a depositor;
(6) make distributions to and pay creditors, deposit account holders, shareholders, and members of the savings bank as their interests appear;
(7) from time to time make a ratable liquidation dividend on claims that have been proved to the satisfaction of the liquidating agent or that have been adjusted by a court;
(8) after the savings bank's assets have been liquidated, make further liquidation dividends on claims previously proved or adjusted; and
(9) execute documents and perform any other action that the liquidating agent considers necessary or desirable for the liquidation.
(b) For purposes of making a further liquidation dividend under Subsections (a)(7) and (8), the liquidating agent may accept the statement of an amount due a claimant as shown on the savings bank's books and records instead of a formal proof of claim on the claimant's behalf.

Legislative History

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