Texas Insurance Code 2602.307 – Settlement by Association Binding; Priority of Claim and Expenses
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(a) The settlement of a covered claim by the association binds the receiver or statutory successor of an impaired title insurance company.
(b) The court shall give the covered claim the same priority against assets of the impaired title insurance company that the claim would have had in the absence of this chapter.
Terms Used In Texas Insurance Code 2602.307
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(c) The association’s expenses in handling claims have the same priority as the receiver’s expenses.