126.003 – ENFORCEABILITY OF AGREEMENT MADE BY CREDIT UNION
Texas Finance Code § 126.003
Summary
This law dictates that certain agreements made by a credit union before conservatorship or liquidation are only enforceable if they are in writing and signed by all parties involved. It protects the interests of the conservator or liquidating agent against agreements that could undermine their claims to assets.
Agreements must be in writing to be enforceable.
All parties with adverse interests must sign the agreement.
Protects conservators from invalid agreements affecting assets.
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In simple terms: Learn about Texas's ENFORCEABILITY OF AGREEMENT MADE BY CREDIT UNION 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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