Texas Civil Practice and Remedies Code 64.002 – Persons Not Entitled to Appointment
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(a) A court may not appoint a receiver for a corporation, partnership, or individual on the petition of the same corporation, partnership, or individual.
(b) A court may appoint a receiver for a corporation on the petition of one or more stockholders of the corporation.
Terms Used In Texas Civil Practice and Remedies Code 64.002
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(c) This section does not prohibit:
(1) appointment of a receiver for a partnership in an action arising between partners; or
(2) appointment of a receiver over all or part of the marital estate in a suit filed under Title 1 or 5, Family Code.