Texas Finance Code 66.152 – Duties of Conservator
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(a) The conservator and any deputy or assistant conservator appointed by the commissioner, under the direction and supervision of the commissioner, shall:
(1) take possession and control of the books, records, property, assets, liabilities, and business of the association; and
(2) conduct the business and affairs of the association.
(b) The conservator shall:
(1) undertake to remove the causes and conditions that made the conservatorship necessary; and
(2) during the conservatorship, report to the commissioner as required by the commissioner.
Terms Used In Texas Finance Code 66.152
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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 shall take measures necessary to preserve, protect, and recover the assets or property of the association, including a claim or cause of action that belongs to or may be asserted by the association. 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 association if the conservator considers it necessary to protect the interested party or property affected by the suit.
(e) A suit filed by the conservator under Subsection (c) must be brought in Travis County.