Texas § FI.62.502 - DISTRIBUTION OF ASSETS
Full text of Texas The Texas Constitution § FI.62.502 — DISTRIBUTION OF ASSETS, with citation guidance and answers to common questions.
§ FI.62.502. DISTRIBUTION OF ASSETS
DISTRIBUTION OF ASSETS. (a) The board, under the commissioner's supervision and in accordance with the approved liquidation plan, shall liquidate the affairs of the association and reduce the association's assets to cash for the purpose of paying, satisfying, and discharging all existing liabilities and obligations of the association, including the withdrawal value of all savings accounts. (b) The board shall distribute any remaining balance pro rata among the savings account members of record on the date the association adopted the resolution to liquidate. (c) The board of a capital stock association shall distribute any assets remaining after liabilities and obligations are fully paid and satisfied, including the withdrawal value of savings accounts, among the shareholders according to their liquidation rights. (d) The board shall pay from the assets of the association all expenses incurred by the commissioner and the commissioner's representatives during the course of the liquidation. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § FI.62.502
What does The Texas Constitution § FI.62.502 cover?
Section FI.62.502 ("DISTRIBUTION OF ASSETS") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § FI.62.502?
A common citation format is "The Texas Constitution § FI.62.502" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § FI.62.502 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.