Texas § SD.8510.0511 - APPOINTMENT OF RECEIVER
Full text of Texas The Texas Constitution § SD.8510.0511 — APPOINTMENT OF RECEIVER, with citation guidance and answers to common questions.
§ SD.8510.0511. APPOINTMENT OF RECEIVER
APPOINTMENT OF RECEIVER. (a) On default or threatened default in the payment of the principal of or interest on authority bonds, a court may appoint a receiver for the authority on petition of the holders of 25 percent of the outstanding bonds of the issue in default or threatened with default. (b) The receiver may collect and receive all authority income, employ and discharge authority agents and employees, take charge of money on hand, and manage the authority's proprietary affairs without the board's consent or hindrance. (c) The receiver may be authorized to sell or contract for the sale of water or to renew those contracts with the approval of the court that appointed the receiver. (d) The court may vest the receiver with any other power or duty the court finds necessary to protect the bondholders. Added by Acts 2021, 87th Leg., R.S., Ch. 914 (H.B. 3530 ), Sec. 1.03, eff. April 1, 2023.
Frequently Asked Questions About Texas § SD.8510.0511
What does The Texas Constitution § SD.8510.0511 cover?
Section SD.8510.0511 ("APPOINTMENT OF RECEIVER") 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 § SD.8510.0511?
A common citation format is "The Texas Constitution § SD.8510.0511" (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 § SD.8510.0511 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.