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Texas Insurance Code - INS § 885.503. Issuance of Injunction and Appointment of Receiver

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

(a) If it appears on the trial of an action brought under Section 885.502(b) that the fraternal benefit society should be closed, the court shall:

(1) enjoin the society from engaging in further business; and

(2) appoint a receiver for the society.

(b) A receiver appointed under Subsection (a)(2) shall:

(1) immediately take possession of the books, papers, money, and other assets of the fraternal benefit society; and

(2) promptly, under the court's direction, proceed to close the society's affairs and distribute its funds to the persons entitled to those funds.

(c) A court in this state may not hear an application for an injunction against or proceedings for the dissolution of or the appointment of a receiver for a domestic fraternal benefit society or lodge unless the attorney general makes the application or brings the proceedings.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 885.503. Issuance of Injunction and Appointment of Receiver - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-885-503/

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