Texas § FI.126.457 - APPOINTMENT OF LIQUIDATING AGENT
Full text of Texas The Texas Constitution § FI.126.457 — APPOINTMENT OF LIQUIDATING AGENT, with citation guidance and answers to common questions.
§ FI.126.457. APPOINTMENT OF LIQUIDATING AGENT
APPOINTMENT OF LIQUIDATING AGENT. (a) If the members approve the liquidation, the board shall appoint a liquidating agent to: (1) conserve and collect the credit union's assets; (2) wind up the credit union's affairs; (3) discharge the credit union's debts; (4) distribute the credit union's assets; and (5) take any other action necessary and incidental to liquidating the credit union. (b) The National Credit Union Administration or other insuring organization has the right of first refusal to be appointed as liquidating agent of any credit union that it insures. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2003, 78th Leg., ch. 533, Sec. 54, eff. Sept. 1, 2003.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § FI.126.457
What does The Texas Constitution § FI.126.457 cover?
Section FI.126.457 ("APPOINTMENT OF LIQUIDATING AGENT") 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.126.457?
A common citation format is "The Texas Constitution § FI.126.457" (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.126.457 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.