Texas § 9011.260 APPOINTMENT OF RECEIVER.

Texas Statutes

§ 9011.260 — APPOINTMENT OF RECEIVER.

Texas § 9011.260

Code SDSpecial District Local Laws Code

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Bluebook

Tex. Special District Local Laws Code Code Ann. § 9011.260 (2026).

Text

Sec. 9011.260. APPOINTMENT OF RECEIVER.

(a)On default or threatened default in the payment of the principal of or interest on bonds issued under this subchapter and payable wholly or partly from revenue, a court may, on petition of the holders of 25 percent of the outstanding bonds, appoint a receiver.

(b)The receiver may collect and receive all district income, employ and discharge district agents and employees, take charge of money on hand, and manage the affairs of the district without consent or hindrance by the board.

(c)The court may vest the receiver with any other power or duty the court finds necessary to protect the bondholders.

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Sec. 9011.260. APPOINTMENT OF RECEIVER. (a) On default or threatened default in the payment of the principal of or interest on bonds issued under this subchapter and payable wholly or partly from revenue, a court may, on petition of the holders of 25 percent of the outstanding bonds, appoint a receiver.
(b) The receiver may collect and receive all district income, employ and discharge district agents and employees, take charge of money on hand, and manage the affairs of the district without consent or hindrance by the board.
(c) The court may vest the receiver with any other power or duty the court finds necessary to protect the bondholders.