Texas Finance Code 123.111 – Right to Act to Mitigate or Avoid Loss
Current as of: 2024 | Check for updates
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Terms Used In Texas Finance Code 123.111
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: means real and personal property. See Texas Government Code 311.005
- Rule: includes regulation. See Texas Government Code 311.005
This subtitle does not prohibit a credit union from investing its money, operating a business, managing or dealing in property, or taking any other action at any time that is reasonably necessary to avoid or mitigate a loss on a loan or on an investment made or obligation created in good faith and in the usual course of the credit union’s business, as authorized by this subtitle or a rule adopted by the commission.