Texas Government Code 4005.002 – Court Supervised Sales
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Terms Used In Texas Government Code 4005.002
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Executor: A male person named in a will to carry out the decedent
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Trustee: A person or institution holding and administering property in trust.
The exemption provided by § 4005.001 applies to the sale of a security made:
(1) at a judicial, executor‘s, administrator’s, guardian‘s, or conservator’s sale; or
(2) by a receiver or trustee in insolvency or bankruptcy.