126.457 – APPOINTMENT OF LIQUIDATING AGENT. (a) If the
Texas Finance Code § 126.457
Summary
This law outlines the process for appointing a liquidating agent when a credit union is liquidated. The agent is responsible for managing the credit union's assets, settling debts, and distributing remaining assets to members after liquidation approval by the members.
Liquidating agent manages asset collection and debt discharge.
Requires member approval for liquidation process.
Insuring organizations have priority in asset distribution.
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In simple terms: Learn about Texas's APPOINTMENT OF LIQUIDATING AGENT. (a) If the 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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