12.251 – RECEIVER. In a suit filed by this state against a
Texas Business Organizations Code § 12.251
Summary
This law mandates the appointment of a receiver for a filing entity or foreign filing entity when the state files suit for termination of its certificate or for penalties. The receiver manages the entity's property and business during the legal proceedings, ensuring proper winding up of operations.
Applies to filing entities and foreign filing entities in Texas.
Court must appoint a receiver during legal proceedings.
Receiver manages entity's property and business during winding up.
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In simple terms: Learn about Texas's RECEIVER. In a suit filed by this state against a 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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