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Texas Business Organizations Code - BUS ORG § 11.406. Receivers:  Qualifications, Powers, and Duties

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A receiver appointed under this chapter:

(1) must be an individual citizen of the United States or an entity authorized to act as receiver;

(2) shall give a bond in the amount required by the court and with any sureties as may be required by the court;

(3) may sue and be sued in the receiver's name in any court;

(4) has the powers and duties provided by other laws applicable to receivers;  and

(5) has the powers and duties that are stated in the order appointing the receiver or that the appointing court:

(A) considers appropriate to accomplish the objectives for which the receiver was appointed;  and

(B) may increase or diminish at any time during the proceedings.

(b) To be appointed a receiver under this chapter, a foreign entity must be registered to transact business in this state.

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Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 11.406. Receivers:  Qualifications, Powers, and Duties - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-11-406/

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