Texas Finance Code 66.252 – Closing of Association by Commissioner’s Order
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Finance Code 66.252
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
The commissioner or the commissioner’s representative may close an association if the commissioner determines after an examination that:
(1) the interests of the depositors and creditors of the association are jeopardized because of:
(A) the association’s insolvency or imminent insolvency; or
(B) a substantial dissipation of the association’s assets or earnings because of a violation of a law or an unsafe or unsound practice; and
(2) it is in the best interest of the depositors and creditors to close the association and liquidate the association’s assets.