123.111 – RIGHT TO ACT TO MITIGATE OR AVOID LOSS. This
Texas Finance Code § 123.111
Summary
This law allows credit unions to take necessary actions to prevent or reduce losses on loans or investments. It ensures that credit unions can operate effectively while managing risks associated with their financial activities.
Credit unions can act to mitigate losses on loans or investments.
Actions must be taken in good faith and in the usual course of business.
The law supports credit unions' operational flexibility under regulatory guidelines.
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In simple terms: Learn about Texas's RIGHT TO ACT TO MITIGATE OR AVOID LOSS. This 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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