Texas Finance Code 126.103 – Effect of Order
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Terms Used In Texas Finance Code 126.103
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Property: means real and personal property. See Texas Government Code 311.005
Following service of a conservatorship order:
(1) the commissioner shall take possession and control of the credit union’s books, records, property, assets, and business; and
(2) the credit union shall cease all operations except those authorized by the commissioner and conducted under the commissioner’s supervision.