Texas Finance Code 186.301 – Filing Claim
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(a) This section applies only to a claim by a person, other than a shareholder, participant, or participant-transferee acting in that capacity, who has a claim against a state trust company in liquidation, including a claimant with a secured claim or a claimant under a fiduciary relationship that has been ordered by the receiver to file a claim pursuant to Section 186.223.
(b) To receive payment of a claim, the person must present proof of the claim to the receiver:
(1) at a place specified by the receiver; and
(2) within the period specified by the receiver under Section 186.205.
Terms Used In Texas Finance Code 186.301
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiduciary: A trustee, executor, or administrator.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
(c) Receipt of the required proof of claim by the receiver is a condition precedent to the payment of the claim.
(d) A claim that is not filed within the period specified by the receiver may not participate in a distribution of the assets by the receiver, except that, subject to court approval, the receiver may accept a claim filed not later than the 180th day after the date notice of the claimant’s right to file a proof of claim is mailed to the claimant.
(e) A claim accepted under this section and approved is subordinate to an approved claim of a general creditor.
(f) Interest does not accrue on a claim after the date the state trust company is closed for liquidation.