Texas Utilities Code 161.252 – Existence Following Dissolution
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(a) A dissolved electric cooperative continues to exist to:
(1) satisfy existing liabilities or obligations;
(2) collect or liquidate its assets; and
(3) take any other action required to adjust and wind up its business and affairs.
(b) A dissolved electric cooperative may sue and be sued in its corporate name.
Terms Used In Texas Utilities Code 161.252
- 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.