Texas Finance Code 126.155 – Power to Protect, Preserve, and Recover Property
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(a) The conservator may take measures necessary to preserve, protect, and recover the assets or property of the credit union, including filing a lawsuit against any person.
(b) An asset or property of the credit union includes a claim or cause of action that belongs to or that may be asserted by the credit union.
Terms Used In Texas Finance Code 126.155
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
- 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
- Property: means real and personal property. See Texas Government Code 311.005
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
(c) The conservator may deal with that property in the capacity of conservator.
(d) The conservator may file, prosecute, or defend a suit brought by or against the credit union if the conservator considers it necessary to protect the interested party or property affected by the suit.