Tex. Finance Code § 126.304
This is the official text of Tex. Finance Code § 126.304, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 126.304. LIQUIDATION DIVIDENDS.
Official statutory text
(a) The liquidating agent from time to time shall make a ratable liquidation dividend on claims that have been:
(1) proved to the satisfaction of the board or the liquidating agent; or
(2) adjusted by a court.
(b) After the credit union's assets have been liquidated, the liquidating agent shall make further liquidation dividends on claims previously proved or adjusted.
(c) For purposes of making a further liquidation dividend under Subsection (b), the liquidating agent may accept the statement of an amount due a claimant as shown on the credit union's books and records instead of a formal proof of claim filed on the claimant's behalf.
(1) proved to the satisfaction of the board or the liquidating agent; or
(2) adjusted by a court.
(b) After the credit union's assets have been liquidated, the liquidating agent shall make further liquidation dividends on claims previously proved or adjusted.
(c) For purposes of making a further liquidation dividend under Subsection (b), the liquidating agent may accept the statement of an amount due a claimant as shown on the credit union's books and records instead of a formal proof of claim filed on the claimant's behalf.
Status: in_force · Read it on the official government site
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