23.19 – ASSIGNEE'S DUTY TO DISTRIBUTE ASSIGNED ESTATE.
Texas Business and Commerce Code § 23.19
Summary
This law mandates that an assignee must distribute funds to creditors when they have enough to cover 10% of the debtor's debts. The distribution must be proportional to the creditors' allowed claims. It primarily affects assignees handling the estate of a debtor in Texas.
Assignees must distribute funds when they reach 10% of debts.
Distribution is based on creditors' allowed claims.
Ensures fair treatment of creditors in debt recovery.
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In simple terms: Learn about Texas's ASSIGNEE'S DUTY TO DISTRIBUTE ASSIGNED ESTATE. law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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