Texas Finance Code 186.227 – Assets Discovered After Close of Receivership
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(a) The banking commissioner shall report to the court discovery of an asset having value that:
(1) the banking commissioner discovers after the receivership was closed by final order of the court; and
(2) was abandoned as worthless or unknown during receivership.
(b) The court may reopen the receivership proceeding for continued liquidation if the value of the after-discovered assets justifies the reopening.
Terms Used In Texas Finance Code 186.227
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
(c) If the banking commissioner suspects that the information concerning after-disclosed assets may have been intentionally or fraudulently concealed, the banking commissioner shall notify appropriate civil and criminal authorities to determine any applicable penalties.