Texas § FI.66.303 - DUTIES OF LIQUIDATING AGENT

§ FI.66.303. DUTIES OF LIQUIDATING AGENT

DUTIES OF LIQUIDATING AGENT. (a) Under the commissioner's supervision, the liquidating agent shall: (1) receive and take possession of the books, records, assets, and property of the association; (2) sell, enforce collection of, and liquidate the assets and property of the association; (3) sue in the name of the liquidating agent or the association; (4) defend an action brought against the liquidating agent or the association; (5) receive, examine, and pass on a claim brought against the association, including a claim of a depositor; (6) make distributions to and pay creditors, depositors, shareholders, and members of the association as their interests appear; (7) from time to time make a ratable liquidation dividend on claims that have been proved to the satisfaction of the association's board of directors or the liquidating agent or that have been adjusted by a court; (8) after the association's assets have been liquidated, make further liquidation dividends on claims previously proved or adjusted; and (9) execute documents and perform any other action that the liquidating agent considers necessary or desirable to the liquidation. (b) For purposes of making a further liquidation dividend under Subsections (a)(7) and (8), the liquidating agent may accept the statement of an amount due a claimant as shown on the association's books and records instead of a formal proof of claim filed on the claimant's behalf. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.