Texas Finance Code 126.304 – Liquidation Dividends
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(a) The liquidating agent from time to time shall make a ratable liquidation dividend on claims that have been:
(1) proved to the satisfaction of the board or the liquidating agent; or
(2) adjusted by a court.
(b) After the credit union’s assets have been liquidated, the liquidating agent shall make further liquidation dividends on claims previously proved or adjusted.
Terms Used In Texas Finance Code 126.304
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
(c) For purposes of making a further liquidation dividend under Subsection (b), the liquidating agent may accept the statement of an amount due a claimant as shown on the credit union’s books and records instead of a formal proof of claim filed on the claimant’s behalf.