Texas Labor Code 407A.461 – Possession of Security by Guaranty Fund
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Terms Used In Texas Labor Code 407A.461
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
On the assumption of obligations on behalf of an insolvent group by the guaranty fund under the commissioner’s determination, the guaranty fund is entitled to immediate possession of any assets of the insolvent group and any security deposited or the proceeds of any surety bond deposited by the insolvent group, along with all interest on the security. All assessments from members of the insolvent group shall be paid to the guaranty fund.