Texas Finance Code 36.310 – Payment of Claim
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(a) Except as expressly provided otherwise by this subchapter or Subchapter C, without the approval of the court the receiver may not make a payment on a claim, other than a claim for an obligation incurred by the receiver for administrative expenses.
(b) The receiver may periodically make partial distribution to the holders of approved claims if:
(1) all objections have been heard and decided as provided by Section 36.308;
(2) the time for filing appeals has expired as provided by Section 36.309; and
(3) a proper reserve is established for the pro rata payment of:
(A) rejected claims that have been appealed; and
(B) any claims based on unliquidated or undetermined demands governed by Section 36.305.
Terms Used In Texas Finance Code 36.310
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- 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
(c) As soon as practicable after the determination of all objections, appeals, and claims based on previously unliquidated or undetermined demands governed by Section 36.305, the receiver shall distribute the assets of the bank in satisfaction of approved claims other than claims asserted in a person‘s capacity as a shareholder.