Texas Finance Code 36.227 – Assets Discovered After Close of Receivership
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(a) The banking commissioner shall report to the court discovery of an asset having value that:
(1) the banking commissioner discovers after the receivership was closed by final order of the court; and
(2) was abandoned as worthless or unknown during the receivership.
(b) The court may reopen the receivership proceeding for continued liquidation if the value of the asset justifies the reopening.
Terms Used In Texas Finance Code 36.227
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
(c) If the banking commissioner suspects that the information may have been intentionally or fraudulently concealed, the banking commissioner shall notify appropriate civil and criminal authorities to determine any applicable penalties.