Texas § CP.64.0721 - TERMINATION OF RAILROAD RECEIVERSHIP

§ CP.64.0721. TERMINATION OF RAILROAD RECEIVERSHIP

TERMINATION OF RAILROAD RECEIVERSHIP. (a) A receiver of a railroad company located wholly within this state that has been in receivership for more than 50 years may apply to the court that appointed the receiver requesting the court to: (1) terminate the receivership; and (2) disburse any assets of the railroad company remaining after the payment of the company's debts to one or more nonprofit charitable organizations chosen by the receiver for use in providing services within the county in which the receiver was appointed. (b) After a receiver makes an application under Subsection (a), the receiver shall publish notice of the proposed termination of the receivership for seven consecutive days in a newspaper of general circulation in the county in which the receivership is located. The notice must state that a person with an interest in the assets of the railroad company may file a claim with the court that appointed the receiver not later than the 90th day after the final day of the publication of the notice. (c) After the expiration of the period for filing claims provided by Subsection (b) and after the court resolves all claims filed with the court relating to the railroad company, the court shall disburse any remaining assets of the receivership to the nonprofit charitable organizations chosen by the receiver that are acceptable to the court in its discretion. (d) Any noncash assets of a railroad company that exist when its receivership is terminated under this section escheat to the state. Added by Acts 1997, 75th Leg., ch. 821, Sec. 1, eff. June 17, 1997.