Texas § 9055.260 APPOINTMENT OF RECEIVER.

Texas Statutes

§ 9055.260 — APPOINTMENT OF RECEIVER.

Texas § 9055.260

Code SDSpecial District Local Laws Code

This text of Texas § 9055.260 (APPOINTMENT OF RECEIVER.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Special District Local Laws Code Code Ann. § 9055.260 (2026).

Text

Sec. 9055.260. APPOINTMENT OF RECEIVER.

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

(b)The receiver may collect and receive all district income except taxes, employ and discharge district agents and employees, take charge of money on hand, except money received from taxes, unless commingled, and manage the district's proprietary affairs without the consent of or hindrance by the board.

(c)The receiver may be authorized to sell or contract for the sale of water or to renew those contracts with the approv

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Sec. 9055.260. APPOINTMENT OF RECEIVER. (a) On default or threatened default in the payment of principal of or interest on bonds issued under this subchapter that are payable wholly or partly from revenue, a court may, on petition of the holders of 25 percent of the outstanding bonds of the issue in default or threatened with default, appoint a receiver for the district.
(b) The receiver may collect and receive all district income except taxes, employ and discharge district agents and employees, take charge of money on hand, except money received from taxes, unless commingled, and manage the district's proprietary affairs without the consent of or hindrance by the board.
(c) The receiver may be authorized to sell or contract for the sale of water or to renew those contracts with the approval of the court that appointed the receiver.
(d) The court may vest the receiver with any other power or duty the court finds necessary to protect the bondholders.