Texas Finance Code 126.403 – Winding Up of Credit Union Business
Current as of: 2024 | Check for updates
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Terms Used In Texas Finance Code 126.403
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
During the three-year period following cancellation of the credit union’s certificate of incorporation, the credit union continues to exist and the liquidating agent, or a successor or other person designated by the commissioner, may act on the credit union’s behalf to:
(1) pay, satisfy, or discharge an existing liability or obligation;
(2) collect and distribute assets; and
(3) act as required to adjust and wind up the credit union’s business and affairs, including suing or being sued in the credit union’s corporate name.